The U.K. Government plans to create their own NFTs

As part of their strategy of commitment to technology investment, the U.K. government are planning to create NFTs (non-fungible tokens).

Key Points

  • Chancellor of the Exchequer, Rishi Sunak, stated on Monday to plans to create NFT by summer. 
  • Minster and economic secretary of the Treasury said, “emblem of the forward-looking approach we are determined to take” in a statement. 
  • Its strategy for the U.K. financial services industry envisions government-issued stablecoins and distributed ledger technologies.

Stablecoins are cryptocurrencies that derive their value from sovereign currencies. These are controversial in the crypto world due to their nature of fast growth but controversial nature. 

An example of stablecoins is Tehter. It’s the world’s biggest stablecoin with more than $80billion. Unfortunately, its lack of transparency around reserves has attracted many ires and criticisms. 

Glen added, that the government wants to consider the inclusion of crypto for their future Web3 plans.