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| NFT: Plans for Royal Mint produced token dropped | |
| (about 16 hours later) | |
| Plans for the NFT for Britain were launched when Rishi Sunak was chancellor | Plans for the NFT for Britain were launched when Rishi Sunak was chancellor |
| Plans for a government backed non-fungible token (NFT) produced by the Royal Mint have been dropped, the Treasury has announced. | 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. | 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. | NFTs are assets in the digital world that can be bought and sold, but which have no physical form of their own. |
| 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". | |
| What are NFTs and why are some worth millions? | What are NFTs and why are some worth millions? |
| Some cryptocurrencies to be regulated in UK | Some cryptocurrencies to be regulated in UK |
| 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. | 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. | 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." | "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. | 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 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. | 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." | 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. | 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. |
| Related Topics | Related Topics |
| Rishi Sunak | Rishi Sunak |
| The Royal Mint | The Royal Mint |
| NFTs | NFTs |
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