UK Government shows red flag to Royal Mint NFT project

The UK Government has halted the production of a non-fungible token (NFT), which the Royal Mint is carrying out. This is even though the present Prime Minister of the UK, Rishi Sunak, has an absolute inclination towards it. This happened to have been during the period when he was holding the position of Chancellor of the Exchequer and had instructed the Royal Mint to come out with an NFT sometime in the year 2022. The HM Treasury was impressed by the government’s decision at that time.

In reply to a query by the Conservative MP, Harriett Baldwin, Andrew Griffith, who happens to be the Treasury’s economic secretary, acknowledged the fact that the production had been halted. It was also done at the behest of the HM Treasury. According to him, this is how the situation stands at the moment, but things may change in the future as the proposal is under consideration.

This event corresponds to the global crypto scenario’s downward trend. There appeared to be a great deal of excitement among cryptocurrency investors when Rishi Sunak expressed his support for the creation of NFT. However, there appears to be a shift in sentiment at the moment.

The shadow city minister, Tulip Siddiq, happened to be one of the many who did not favor the NFT, considering all of the speculative and uncertain factors involved with the entire crypto arena. One of the many reasons attributed to the stoppage of the production of NFT is that the mint has seemingly been dragging its feet on the task at hand for some time now. In other words, there was no concrete sign of any real initiative.

As per some others, it could all be because the proposal was put up before the overall slump in the crypto scenario. Now, with the downslide taking place, matters do not seem to be favorable at all for any kind of introduction of the NFT to the population of the UK. The crypto exchange platform, FTX, appears to be testifying to that, along with others like the crypto hedge fund, Voyager Digital, and Three Arrows Capital, which have all managed to go downhill.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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