The UK’s finance minister Rishi Sunak has called on the UK government to mint its own NFT by the summer as it looks to “lead the way” in the crypto sector.
Sunak has asked the Royal Mint, the government-owned company which is responsible for minting coins in the UK, to carry out the task, according to City minister John Glen at a fintech event in London.
Glen added that “there will be more details available very soon.”
Part of the scheme to bring the UK to the forefront of the crypto space is to introduce stablecoin into circulation.
Stablecoins are digital currencies that are backed by fiat currency.
The government is also wanting to ask the Law Commission to consider the legal status of blockchain-based communities known as decentralised autonomous organisations, or DAOs.
“We shouldn’t be thinking of regulation as a static, rigid thing,” Glen told CNBC.
“Instead, we should be thinking in terms of regulatory ‘code’ — like computer code — which we refine and rewrite when we need to.”