Arab Press

بالشعب و للشعب
Tuesday, Feb 11, 2025

NFT: Plans for Royal Mint produced token dropped by government

NFT: Plans for Royal Mint produced token dropped by government

Plans for a government backed non-fungible token (NFT) produced by the Royal Mint have been dropped, the Treasury has announced.
Rishi Sunak ordered the creation of a "NFT for Britain" that could be traded online, while chancellor in April 2022.

NFTs are assets in the digital world that can be bought and sold, but which have no physical form of their own.

The Treasury announced it was "not proceeding with the launch" following a consultation with the Royal Mint.

But economic secretary Andrew Griffiths said the department would keep the proposal "under review".

NFTs have been touted as the digital answer to collectables, but some sceptics fear they could be a bubble waiting to burst. They have been used as speculative assets and some have sold for millions of dollars.

Responding to the announcement, Harriet Baldwin, chair of the Treasury Select Committee, said: "We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money.

"So perhaps that is why the Royal Mint has made this decision in conjunction with the Treasury."

NFTs are unique units of digital data that use the same "blockchain" technology behind cryptocurrencies - such as Bitcoin. The records cannot be forged because the blockchain ledger is maintained by thousands of computers around the world.

The digital tokens, which emerged in 2014, can be thought of as certificates of ownership for virtual or physical assets, and can be bought using traditional currency or cryptocurrency.

The Treasury is working to regulate some cryptocurrencies and had planned to enter the NFT market as part of a wider bid to make the UK a hub for digital payment companies.

In April 2022, the then-chancellor Mr Sunak said: "We want to see the [cryptocurrency] 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."

Among the best-known NFTs are a series known as the "Bored Ape Yacht Club", which give the bearer ownership over a unique picture of a cartoon ape. Prices of the NFTs plummeted last year after crypto exchange FTX went bankrupt.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Lebanon Installs New Government with Hezbollah's Impact on Key Ministries
Report: Iran Attempted to Assassinate Trump During Election Campaign
U.S. Authorizes $7.4 Billion Arms Sale to Israel
Iran's Supreme Leader Rejects Nuclear Negotiations with the U.S.
UN Chief Denounces Trump's Gaza Plan, Cautions Against Ethnic Cleansing
Pressure Intensifies for a Free Trade Agreement between the UK and GCC in Light of Economic Difficulties
Israel to Withdraw from UN Human Rights Council Due to Accusations of Anti-Semitism
EU Reaffirms Gaza's Essential Role in Future Palestinian State Following Trump's Proposal
Iranian Currency Reaches All-Time Low Amid US 'Maximum Pressure' Initiative.
UN Reaffirms Ban on Deportation from Occupied Territories Amid US Gaza Proposal
Palestinians Fear Repeat of 'Nakba' Amid Ongoing Crisis in Gaza
UAE Aids in the Exchange of 300 Prisoners Between Russia and Ukraine
Egypt Seeks Global Backing for Two-State Solution Following US Proposal for Gaza Plan
Trump's Suggestion to 'Seize Control' of Gaza Represents a Significant Shift in US Policy
French President is the first EU leader to extend congratulations to the new Syrian President.
Tunisian President Appoints New Finance Minister Amid Economic Crisis
Trump Suggests U.S. 'Takeover' of Gaza, Prompting Global Worries
Trump's Proposal for Gaza Provokes Global Debate
President Trump Suggests Moving Gaza's Palestinian Population
Aga Khan IV, Spiritual Leader and Philanthropist, Dies at 88
Erdogan and Syria's Sharaa Talk About Collaboration to Counter Kurdish Militants
Trump Suggests U.S. Control of Gaza Strip Amid Ongoing Conflict
Trump Resumes 'Maximum Pressure' Strategy to Limit Iran's Oil Exports.
Ex-British Soldier Sentenced for Espionage on Behalf of Iran and Fleeing from Prison
Gazans in Egypt Reject Displacement, Struggle with Return to War-Torn Home
Queen Rania Urges Protection of Children’s Rights at Vatican Summit
Hamas Officials Ready to Begin Negotiations for Phase Two of Gaza Truce
Trump Expresses Caution Over Gaza Ceasefire as Netanyahu Visits Washington
Oman to Host 18th Indian Ocean Conference on Maritime Security and Trade
Emir of Kuwait Meets BlackRock CEO for Talks on Investment Opportunities
Queen Rania of Jordan Calls for Global Action on Children’s Rights at Vatican Summit
Egyptian President El-Sisi Invited for White House Meeting Following Jordanian King’s Visit
Queen Rania Calls for Protection of Children’s Rights at Vatican Summit
Israeli Military Operations Continue on Lebanon Border Amid Ceasefire Tensions
Israeli Hostage's Release Highlights Uncertainty Over Family's Fate
Israeli Military Operations Escalate in Southern Lebanon Amid Hezbollah Tensions
Zayed Award for Human Fraternity Announces 2025 Honorees
Kuwait Anticipates a 12% Increase in Budget Deficit for the 2025-2026 Fiscal Year
Ahmed al-Sharaa, Syria's Transitional President, declares the schedule for presidential elections.
Jailed Ex-Pakistani PM Imran Khan Draws Parallels to President Trump in Fight for Justice
Iran Develops Long-Range Nuclear Missiles with North Korea's Help, Claims Report
Global Semiconductor Industry Faces Persistent Challenges Amid Efforts to Boost Production
Saudi Arabia Unveils 'Dream of the Desert' Luxury Train, First of Its Kind in the Middle East
The 'Chinese Pearl Harbor' on U.S. Tech: DeepSeek's Launch Triggers Market Collapse
President Trump Proposes Relocating Gaza's Population to Egypt and Jordan
Key Takeaways from the 2025 World Economic Forum in Davos
In Spite of Significant Losses to Israel, Hamas Enlists 15,000 New Fighters
Leaked Documents Reveal Google's Collaboration with Israeli Defense Forces During Gaza Conflict
Five Billionaires on Track to Break One Trillion Dollar Wealth Barrier
Julia Sebutinde to Lead International Court of Justice: A Historic Transition
×