The UK government is experimenting with digital collectibles as it strives to turn its economy into a global hub of crypto assets.
In a speech at the Global Innovate Finance Summit, UK Treasury Economic Secretary John Glen said the country’s currency provider has been instructed to create a non-fungible token (NFT).
“The Chancellor asked the Royal Mint to create a non-fungible token, an NFT… to be issued before the summer, emblematic of the progressive approach we are determined to take.”
According to Glen, the UK’s goal is to adopt blockchain technology early to gain a head start.
“If cryptographic technologies are going to be a big part of the future, then we, the UK, want to be on the ground floor.
In fact, if we commit now… we can lead the way.”
Glen says having a crypto-friendly environment will create employment opportunities and accelerate innovation.
“We believe that by making this country a hospitable place for cryptocurrencies, we can attract investment… create new jobs… and create a wave of innovative new products and services.”
Glen also notes that the UK will take a proactive approach to cryptocurrency regulations.
“That is why, in this country, we have already said that we will seek to protect consumers by legislating to include certain crypto assets within the scope of financial promotion regulation… and it is essential that investors understand the risks they are taking.
And, as the Bank of England’s Financial Policy Committee recently pointed out, we are also aware that as cryptographic technologies grow and become more interconnected with the central financial system, we will need to ensure that regulators have the right tools to manage associated risks.