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Chancellor of the Exchequer Rishi Sunak Asks the Royal Mint to Create Government-Backed NFTs

Quick take:

  • The UK government is making some bold moves in an attempt to stay at the forefront of the crypto realm.
  • Chancellor of the Exchequer Rishi Sunak spoke at the economic update session, asking the government to issue a government-backed NFT.

The UK government is making some bold moves as the entire nation fights to stay at the top of global crypto leaders. In a speech at the economic update session at the House of Commons, chancellor Rishi Sunak made his statement.

He asked the Royal Mint to issue a government-backed NFT. The NFT's exact contents are unknown. However, the Treasury stated that it intends to ensure the UK financial services sector remains at the cutting edge of technology. 

It will also encourage investment and employment while broadening customer choice. In addition to the upcoming NFT, the chancellor announced intentions to enable stablecoins to be used as payment in the UK.

UK will deploy NFTs and stablecoins

Stablecoins, unlike other coins, are pegged to normal currencies. Stablecoins are generally less volatile compared to other cryptocurrencies.

The government also said that it would explore different ways to make the tax system in the UK flexible for the crypto markets to flourish. 

Rishi Sunak said, ‘It’s my ambition to make the UK a global hub for crypto-asset technology, and the measures we’ve outlined today will help ensure firms can invest, innovate and scale up in this country.

‘We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively, we can give them the confidence they need to think and invest long-term.

A nation that values crypto and the underlying technology is way better than a country like India trying to kill the crypto industry.

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