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Rejecting NFT Version: UK Government’s Stance

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Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

the government of UK has fallen plans to issue Not replaceable token (NFT), which was first Proposal in April 2022 and scheduled for Release in June 2022.

The UK Treasury’s economics minister, Andrew Griffiths, said the Royal Mint had been abolished plans To launch a government supported token.

It was Griffith’s statement in In response to a question from Harriet Baldwin, President of treasury selection committee, who He asked if there was still a plan for Royal Mint L.L issue and NFT.

“In consultation with Your Majesty’s Treasury, the Royal Mint is not proceeding with release of Not replaceable token At this time however this proposal will be kept under review. “

Andrew Griffiths, UK Economics Secretary to the Treasury

In April 2022, it was released former Advisor of Treasury, Rishi Sunak, W current United kingdom prime ministerhe asked the Royal Mint to create an NFT to be distributed by the summer of 2022. Proposed creation of NFTs was a part of Sunak plans to make Britain central for Encryption innovation and development.

is reading more: Rishi Sunak sees cryptographers plans To make the UK a cryptocurrency hub as a ‘late runner’ call”

Meanwhile, Baldwin’s statement in In response to Griffith’s answer, as quoted in A BBC report said:

We haven’t seen much yet of Proof that our ingredients should They are placed money in These guess symbols unless they are willing to lose everything they have money. Maybe that’s why the Royal Mint made this decision in coupling with Cabinet. “

The UK recently expressed its concerns about the NFT sector, with Legislators noting the absence of a regulatory framework for NFTs. In November 2022, lawmakers launched an investigation into the benefits and risks of Non-fungible tokens.

Also, the UK’s advertising regulator, the Advertising Standards Authority (ASA), has banned NFT advertising by and Turtle United. in December 2022, claiming that promotions were misleading.

You could also like: uk want to be a global center for encryption

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