• The UK’s Treasury has deserted its plans to launch government-backed NFTs.
• The NFTs have been initially meant to be issued by the nation’s Royal Mint.
• Former Chancellor of the Exchequer Rishi Sunak launched the NFT plan final yr.

The UK’s Treasury, referred to as HM Treasury, has dropped its plans to launch government-backed NFTs, after consulting with the nation’s Royal Mint. The choice to desert the NFT undertaking comes nearly a yr after it was initially launched by Prime Minister Rishi Sunak, who was serving because the Chancellor of the Exchequer on the time.

The choice got here to gentle after Treasury Choose Committee chair Harriett Baldwin, who can be serving as a member of parliament from UK’s West Worcestershire, requested for an replace from the present Chancellor of the Exchequer concerning the Treasury’s stance on the proposed NFTs to be issued by the Royal Mint.

Andrew Griffith, the UK’s Financial Secretary and MP from Arundel and South Downs, responded to Baldwin’s inquiry and revealed that the Treasury had determined to not proceed with the NFT launch. The choice was reportedly taken after session with The Royal Mint. Nevertheless, the financial Secretary acknowledged that the proposal can be saved “underneath evaluation”.

In response to a report by BBC, Harriett Baldwin mentioned in an announcement, “We’ve got not but seen lots of proof that our constituents needs to be placing their cash in these speculative tokens except they’re ready to lose all their cash. So maybe that’s the reason the Royal Mint has made this determination at the side of the Treasury.”

Former Chancellor Rishi Sunak had ordered the NFTs in April final yr, in a bid to place the UK as a worldwide hub for crypto belongings and all associated expertise and investments. Sunak pitched the plan as “NFT for Britain” on the time.