Plans for a government backed non-fungible token (NFT) produced by the Royal Mint have been dropped, the Treasury has announced, according to BBC.
Rishi Sunak ordered the creation of a „NFT for Britain” that could be traded online, while chancellor in April 2022.
The Royal Mint announced it was „not proceeding with the launch” following a consultation with the Treasury.
Economic Secretary Andrew Griffiths said the department would keep the proposal „under review”.
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 assets in the digital world that can be bought and sold, but which have no physical form of their own.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: