UK will release official NFT this summer

While we recently announced that Instagram is preparing for NFTs to arrive on the platform, it is now the UK’s turn to join the trend.

The British Treasury has actually announced that Chancellor Rishi Sunak has called on the Royal Mint to make NFTs (French non-fungible tokens) by this summer. The Royal Mint is the company responsible for minting coins for the UK.

An economy at the forefront of innovation

The Treasury has also unveiled plans to regulate stablecoins for use as a form of payment. A stablecoin is a cryptocurrency whose value is pegged to an existing currency such as the pound, euro or dollar. For example, the value of 1 USDC is 1 dollar (with very slight fluctuations on a penny order).

The advantage of stablecoins is to be able to enter the world of cryptocurrency (fast exchanges, not subject to banks, etc.) without being subject to its speculative aspect.

The idea for the chancellor is to ensure that “the UK financial services sector is always at the forefront of technology and innovation”, and these recent decisions are part of a broader plan to make the UK a “global center” of cryptocurrency technology.

We will let you know more about this NFT as soon as possible.

Read also: article adapted by CNETFrance

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About the Author: Forrest Morton

Organizer. Zombie aficionado. Wannabe reader. Passionate writer. Twitter lover. Music scholar. Web expert.

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