The First-Ever Royal Mint NFT

The Treasury Minister of the United Kingdom has assigned the Royal Mint with producing an NFT as “an icon of Queens’ Treasury’s forward-looking attitude” to digital currencies and blockchains. The idea was unveiled in a speech by John Glen. He is the Treasury’s Economic Secretary. He stated additional details on this matter during a summit.

Royal Mint NFT

While other countries, such as Ukraine, have given NFTs in the past, this one stands out since it comes from one of the highest echelons of the British government. It is also meant to be done by the organization responsible for printing the country’s currency.

That isn’t to mean that the government will substitute the pound with Her Majesty’s Coin in the near future. The announcement’s complete absence of details makes it so much easier to dismiss it as nothing more than a public relations stunt, a way for the Treasury to demonstrate that it is keen to make the UK a hotspot of modern finance and being “in on the ground floor” with cryptocurrency.

Future Prospect

The UK government appears to be taking cryptocurrency seriously. The Treasury Department has asked a legal task group to look into the “legal status of decentralized autonomous entities,”. This is also according to Glen (or DAOs). He also summarizes a lot of what the administration is working on right now in terms of cryptocurrency.

It’s not easy to say what to expect from the Treasury’s crypto effort. To be honest, that’s likely not the most crucial component. While NFTs are famous (or were once), crypto’s future will be dictated more by how governments with a significant stake in global finance want to regulate it. Instead of any individual project – even from the Royal Mint.

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