The United Kingdom government has declared its intentions to mint its very own NFT as part of a drive to become a world leader in the crypto and DeFi sector. As such, Finance Minister Rishi Sunak has directed the Royal Mint, the government-owned firm in charge of minting coins in the U.K, to design and release the NFT by the summer. More information, according to City Minister John Glen, will be available very shortly. Minister Glen also highlighted a number of initiatives the U.K will take to increase regulatory control and overall acceptance of digital assets, including intentions to: 1. Bring stablecoins into compliance with the countrys existing electronic payment rules. 2. Consult on establishing a world-leading system for regulating the trade in BTC and various altcoins. 3. Request that the Law Commission investigate the legal standing of blockchain-based communities known as DAOs. 4. Investigate the tax implications of DeFi loans and staking. 5. Create a Cryptoasset Engagement Group, which will be led by ministers and shall include representatives from U.K authorities and crypto companies. 6. Investigate the use of blockchain technology in the issuance of debt instruments.
