The UK government has announced plans to mint a local NFT, aiming to “lead the way” in the crypto industry. Finance Minister Rishi Sunak ordered the Royal Mint – the state company that handles the minting of coin in the UK – to launch its own local NFT “by this summer.”
The United Kingdom wants to establish itself as a “world leader” in technology related to crypto, and thus intends to develop the necessary regulations, as well as to legalize stablecoins as a payment method within the nation.
Economic Secretary John Glen said:
“We shouldn’t be thinking of regulation as a static, rigid thing. Instead, we should be thinking in terms of regulatory ‘code’ - like computer code - which we refine and rewrite when we need to.”
Ultimately, the goal is to make the UK a global crypto technology hub. By regulating cryptocurrencies now, the government can guarantee financial stability and regulatory standards, enabling blockchain-based technologies to be safe and reliable for everyday use.
The government seeks to further develop services on the blockchain: tax treatments for DeFi loans and stakings.
“No one knows for sure yet how Web 3.0 is going to look. But there’s every chance that blockchain is going to be integral to its development,”