UK government issuance of NFT tokens as part of its
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UK government issuance of NFT tokens as part of its bid to become global cryptocurrency leader

The UK government has announced plans to launch its own non-fungible token (NFT) as part of its quest to become the “world leader” in cryptocurrencies. Finance Minister Rishi Sunak handed over the relevant order to the Royal Mint. According to the available data, the state NFT token will be issued by the summer of this year.

    Image Source: Matt Cardy/Getty Images

Image Source: Matt Cardy/Getty Images

The NFT token initiative is part of a broader government program aimed at propelling the UK towards global leadership in cryptocurrencies. Further regulatory actions have also been announced, aimed at tightening regulators’ scrutiny of the digital asset market.

First of all, the authorities intend to include stablecoins in the UK payments system. There are also plans to hold consultations on how to regulate trading in other cryptocurrencies. At the same time, the Legislative Commission will examine the legal status of organizations offering financial services based on the blockchain (decentralized financial services, DeFi), as well as examine the tax regime of decentralized finance and staking. At the same time, a working group on interaction with digital assets will be set up, led by UK ministers and regulators.

Remember that NFT is a type of cryptographic token, each copy of which is unique and cannot be replaced with another similar token. NFT tokens typically serve as a kind of certificate of authenticity and uniqueness of a digital object. Stablecoins are a class of cryptocurrencies that are stabilized by being tied to government currencies or commodities.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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