Rishi Sunak has asked the Royal Mint to create a so-called ‘non-fungible token’ (NFT) as he seeks to make Britain a global hub for digital technology.
The Chancellor wants the token to be issued by the summer in a bid to show ‘the forward-looking approach we are determined to take towards crypto assets’.
NFTs give investors a share of ownership of a digital asset such as a piece of art or music.
Crypto bid: The Chancellor wants the Royal Mint to issue an NFT by the summer as he seeks to make Britain a global hub for digital technology
But the tokens have become targets for hackers and con artists.
Sunak’s decision to press ahead came as he doubled down on his support for crypto coins – despite fears that they could be used by criminals and money launderers.
The Chancellor said: ‘This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.’
It is understood the NFT will back a ‘collectable digital artwork’ which the Royal Mint will add to its range of products.
Crypto has garnered a bad reputation in recent years, as bitcoin – the best-known crypto asset – has been used by criminals to avoid the eyes of the law.
Its value is also incredibly volatile, since it is not tied to any underlying asset.
John Glen, Economic Secretary to the Treasury, said they would focus on ‘stablecoins’, which are similar to bitcoin but tied to an asset such as the pound or dollar.
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