The UK Treasury has abandoned its plans to create a government-backed “NFT for Britain”

The Economic Secretary of the Treasury informed Parliament that the Royal Mint NFT project has been put on hold, but that the Treasury will "keep this proposal under review."

The government-backed “NFT for Britain,” which was initially proposed by crypto-friendly Prime Minister Rishi Sunak, has been put on hold in the United Kingdom.

Sunak requested the Royal Mint in April 2022 to establish an “NFT for Britain” as part of the government’s “ambition to make the UK a global hub for crypto-asset technology and investment” while serving as chancellor of the Exchequer—the equivalent of a chief financial minister.

The project was supposed to go live in the summer of 2022, but it didn’t. In the end, it didn’t.

When the chair of the Treasury Select Committee asked Andrew Griffith, Economic Secretary of the Treasury, if there was still a plan for the Royal Mint to issue a nonfungible token on March 27, he mentioned the following:

“The Royal Mint is not proceeding with the launch of a Non-Fungible Token at this time, but will keep this proposal under review,” according to discussions with HM Treasury.

In a subsequent BBC report on March 26, Harriet Baldwin, the chair of the Treasury Select Committee who posed the question in Parliament, was quoted as saying:

“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 of their money,” according to “We have not yet seen a lot of evidence.”
“So maybe to that end the Imperial Mint has settled on this choice related to the Depository,” she added.

The Royal Mint and Treasury haven’t elaborated on what the NFTs would do or how they would be used, making the NFT for Britain concept appear to be rather hazy.

While opponents of the plan, such as Labor MP and Shadow Chancellor Rachel Reeves, questioned Sunak’s priorities, it was simply stated that additional details would be announced “soon.”

“This chancellor’s decisions have exacerbated the country’s severe cost of living crisis. Right now, this is his top priority. Impossible,” she stated last year.