{"id":23015,"date":"2022-04-04T16:39:19","date_gmt":"2022-04-04T15:39:19","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=23015"},"modified":"2022-04-04T16:40:53","modified_gmt":"2022-04-04T15:40:53","slug":"united-kingdom-to-mint-its-own-nft","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/united-kingdom-to-mint-its-own-nft\/","title":{"rendered":"United Kingdom to Mint Its Own NFT"},"content":{"rendered":"\n
The United Kingdom government has\u00a0announced intentions to issue its own non-fungible token as part of a quest to become a “world leader” in the cryptocurrency space<\/a>.<\/h5>\n\n\n\n
\"United
United Kingdom to Mint Its Own NFT<\/figcaption><\/figure><\/div>\n\n\n\n

According to a government minister, UK Finance Minister Rishi Sunak has asked the Royal Mint to create and issue the NFT “by the summer.”<\/p>\n\n\n\n

City Minister John Glen stated at a fintech event in London that Finance Minister Rishi Sunak has urged the Royal Mint \u2014 the government-owned firm responsible for minting coins in the United Kingdom \u2014 to create and issue the NFT \u201cby the summer,\u201d \u201cThere will be more details available very soon,\u201d<\/em> he added.<\/p>\n\n\n\n

According to Glen, the program is part of a larger government attempt\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> to “lead the way” in crypto. The minister stated a number of initiatives the United Kingdom will take to increase regulatory oversight of digital assets, including intentions to: Bring certain stablecoins into the U.K. payments framework so that stablecoin issuers and service providers can \u201coperate and grow in the U.K.\u201d<\/p>\n\n\n\n

Consult on establishing a “world-leading regime” for regulating the trade of other cryptocurrencies, such as bitcoin.<\/p>\n\n\n\n

Request that the Law Commission consider the legal position of decentralized autonomous organizations, or DAOs, which are blockchain-based communities.<\/p>\n\n\n\n


Examine how decentralized finance (DeFi) loans and “staking,” which allows crypto users to earn interest on their funds<\/a>, are taxed.
Create a Cryptoasset Engagement Group, which will be led by ministers and include representatives from UK authorities and crypto companies.<\/p>\n\n\n\n

\u201cWe shouldn\u2019t be thinking of regulation as a static, rigid thing,\u201d<\/em> Glen said. \u201cInstead, we should be thinking in terms of regulatory \u2018code\u2019 \u2014 like computer code \u2014 which we refine and rewrite when we need to.\u201d<\/em><\/p>\n\n\n\n

According to CNBC, the government previously announced plans to develop a regulatory framework for cryptoassets and stablecoins.<\/p>\n\n\n\n

Stablecoins, or cryptocurrencies whose value is derived from sovereign currencies such as the US dollar, are a rapidly rising but divisive phenomenon in the crypto industry<\/use><\/svg><\/span><\/a>.<\/p>\n\n\n\n

Tether, the largest stablecoin in the world, with a circulating supply of over $80 billion. However, it has been chastised for the lack of transparency surrounding the token's reserves.<\/p>\n\n\n\n

Glen said that the government was “widening” its scope to include other areas of crypto, such as Web3, a movement that advocates for a more decentralized internet based on blockchain technology.<\/p>\n","protected":false},"excerpt":{"rendered":"

The United Kingdom government has\u00a0announced intentions to issue its own non-fungible token as part of a quest to become a “world leader” in the cryptocurrency space. According to a government minister, UK Finance Minister Rishi Sunak has asked the Royal Mint to create and issue the NFT “by the summer.” City Minister John Glen stated […]<\/p>\n","protected":false},"author":36,"featured_media":23017,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,21,62],"tags":[8644,8645,147,8643],"class_list":["post-23015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","category-news","category-nft-news","tag-kingdom","tag-mint","tag-nft","tag-united"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/fp-banner.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/23015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=23015"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/23015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/23017"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=23015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=23015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=23015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}