Sage Sunak has asked the Royal Mint to introduce a non-fungible token (NFT) as part of plans to turn Britain into a “global cryptoset hub”.
NFT is a digital file that serves as a certificate of ownership of digital assets such as images, videos and audio.
The Royal Mint, the currency maker that eventually became government-owned, said its first NFT range would be available this summer.
John Glenn, the city minister, said the Royal Mint’s NFT was “a symbol of foresight” and planned to take over the treasury.
The government has announced a number of measures aimed at making the UK an attractive place to start and scale crypto-companies. It said that static coins – digital currency associated with traditional currencies – would be included in regulations to pave the way for their use as a form of payment.
The Treasury will also review how the tax system could encourage further development of the cryptocurrency market in the UK.
Glenn, who was speaking at the Innovate Finance Global Summit in London, acknowledged concerns about cryptocurrencies, which could be harmful to consumers, and provided a platform for illegal activity free from government oversight.
Andrew Bailey, governor of the Bank of England, warned in a separate speech yesterday that cryptocurrencies have created “an opportunity for direct criminals”.
But Charles Kerrigan, a fintech partner at law firm CMS, said: “This is exactly what the industry says – judging the worst actors by inventing cases based on the realities of innovation. The whole community. “