The UK government has abandoned plans to launch a government-backed “NFT for Britain” following a failed deadline. The proposal was initially made by crypto-friendly Prime Minister Rishi Sunak while he served as Chancellor of the Exchequer in April 2022. Sunak had asked the Royal Mint to create the NFT as part of the government’s ambition to make the UK a global hub for crypto-asset technology and investment. The project was supposed to launch by the summer of 2022 but failed to meet the deadline. The proposal to create a government-backed “NFT for Britain” has been put on hold, according to Economic Secretary of the Treasury Andrew Griffith. However, he added that the proposal will be continually assessed and monitored.
Harriet Baldwin, Chair of the Treasury Select Committee, has stated that there is a lack of evidence that constituents should be putting their money in speculative tokens unless they are prepared to lose all their money. Therefore, the Royal Mint’s decision may have been made in conjunction with the Treasury for this reason. The concept behind the “NFT for Britain” remains unclear as the Royal Mint and Treasury have not provided any details on the purpose and usage of the NFTs, leaving it ambiguous.