Rishi Sunak, Chancellor of the Exchequer, Asks Royal Mint to Create NFT

Rishi Sunak, Chancellor of the Exchequer, asks Royal Mint to create NFT, wanting to demonstrate that Britain is at the cutting-edge for new technologies with new crypto assets launching by summer.

Rishi Sunak, Chancellor of the Exchequer, Asks Royal Mint to Create NFT
Source: Barcroft Media/Barcroft Media via Getty Images x The Royal Mint x Allie Mac

Britain’s chief financial minister, Rishi Sunak, wants to show Britain is at the cutting-edge for new technologies with new government crypto assets poised to launch by this summer. Sunak states it is his ambition to make the UK a global hub for cryptoasset technology through his close oversight of the emerging sector. “We want to see the 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.”

He has asked the Royal Mint, a 1,136-year-old financial institution, to create an NFT. “This decision shows the forward-looking approach we are determined to take towards cryptoassets in the UK,” the Treasury said on Twitter, posting a picture of the royal coat of arms on a blue background. However, the announcement has left many with little enthusiasm. The Treasury did not specify what image or object the Royal Mint’s NFT would display, whether more would be created, nor how the funds raised from its sale would be utilized. Also, as someone who has minted an NFT, it really isn’t that hard to just upload an image, choose your mint options and royalties, and pay a small mint fee.

Besides, his announcement seems to have fallen on deaf ears. His spring statement did little to address the poorest in Britain’s society, as more than a million people in the UK are expected to fall into poverty this year due to soaring living costs and inflation hitting the highest levels it has seen in three decades. Either way, this at least shows the UK government is thinking more seriously about cryptocurrency and NFTs.