The plan to release government-backed NFTs in the UK was proposed by former Chancellor Rishi Sunak in April 2022. However, the process of releasing the token by the Royal Mint faced delays. The Royal Mint had previously announced plans to use blockchain technology to track its gold supply in 2017.
Initially, the government aimed to release government-backed NFTs by the summer of 2022. However, bond problems in the UK and former Prime Minister Liz Truss’ policies that could bankrupt pension funds led to the project being forgotten.
On Monday, the UK’s Economic Secretary, Andrew Griffith, said that the plans were not moving forward “at this time” but that the proposal would remain under review. Harriet Baldwin, Chair of the Treasury Select Committee, questioned whether issuing an NFT was still the policy of the department.
Baldwin, according to the BBC, cited economic uncertainties in the cryptocurrency sector as a factor in delaying the collection.
“We have not yet seen a lot of evidence that our constituents should be placing their money in these speculative tokens unless they are prepared to risk all of their money,” said Harriet Baldwin, Head of the Treasury Select Committee. “Maybe that is why the Royal Mint decided to collaborate with the Treasury.”
In summary, government-backed NFT plans in the UK have been put on hold due to delays and economic uncertainty. However, the plans are still under review.