Sterling out Blockchain in: Royal Mint set to mint an NFT to signal UK's positive attitude towards crypto
Rishi Sunak, Finance Minister of the United Kingdom, has asked the Royal Mint to create an NFT to display the country’s willingness to accept crypto-assets and blockchain. The NFT will be minted and issued by this summer. The minting of the NFT is the first step in what appears to be a series of changes to the UK government’s regulatory attitude towards crypto.
At a summit on April 4, John Glen, the Economic Secretary to the U.K Treasury, explained the kingdom’s willingness to regularize cryptocurrencies by saying that the country will be regulating some stablecoins to make them work with current payment laws and that the approach will make crypto “convertibility into fiat currency, at par, and on demand.”
Furthermore, Glen also remarked that the government will look at regulating other cryptocurrencies like Bitcoin. Glen also talked about the tax implications of crypto and Defi loans by stating,” we don't think the tax code will need major surgery to make it work more easily for crypto.”
Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.— HM Treasury (@hmtreasury) April 4, 2022
This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK