The UK government announced that it will be minting its non-fungible (NFT) token, which is part of its push toward dominating the crypto space.
Finance Minister Rishi Sunak has asked Royal Mint to create and issue the NFT by the summer. Royal Mint is the government-owned organization that mints coins for the U.K. Sunak added that more details about the NFT minting will be available soon.
U.K. Plans To “Lead The Way” In Crypto
The U.K government says it wants to “lead the way” when it comes to crypto and its surrounding technology. The government has also set plans in place to ensure proper regulation of the crypto industry in the U.K.
The plan includes consulting on a “world-leading regime” that will ensure proper regulation of trades in cryptocurrencies such as Bitcoin. It also wants to bring some stablecoins into the payment framework in the U.K. It will include allowing service providers and stablecoin issuers to “operate and grow” in the country.
The plans also include asking the Law Commission to look into the legal status of blockchain-based communities called decentralized autonomous organizations (DAOs). Another area the government is interested in is exploring the application of blockchain technology in issuing debt instruments.
Government To Set Up A Proper Regulatory Framework
Glen added that while all stakeholders are looking to regulate the crypto industry, it should be seen as a static, rigid thing. He stated that stakeholders should instead be looking at regulatory code which can be refined and rewritten when there is a need to.
The government has been planning to set up a regulatory framework for stablecoins and crypto-assets. Stablecoins are increasingly gaining more popularity and acceptance as a less volatile form of crypto asset. They are usually pegged to a fiat currency, especially the USD, which makes them more preferred options for some people.
Tether is currently the world’s largest stablecoin by market capitalization. It has a total supply of $80 billion, although it has been criticized for the controversial reserves that back the token.
Tether, the world’s biggest stablecoin, has a circulating supply of more than $80 billion. But it has attracted criticism over a lack of transparency around the reserves that back the token.
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