Cryptocurrency plans allowed?  The UK wants to start its own NFT;  Learn more about the project

Cryptocurrency plans allowed? The UK wants to start its own NFT; Learn more about the project

Not today UK is looking at the market crypto currency. A year after announcing the intention to create its own digital currency, the nation’s attention is now turning to the world of NFT.

Unusable brands are becoming more popular, especially as the metaverse grows, and the UK doesn’t want to get out of the loop – and is already planning to create its own NFT.


The decision to create an unusable token is part of the government’s efforts to become a leader in the crypto market, said John Glen, economic secretary at the Treasury.

UK Finance Minister Rishi Sunak has already made the request for the establishment of the NFT in the country and has even given a delivery deadline: “until summer” in the US (when it’s winter here), Glen said.

“My goal is to make the UK a global hub for crypto technologies, and the process we present today will help ensure that companies can invest, innovate and expand in this country. this, ”Sunak said.

The company responsible for the creation is Royal Mint, a state-owned company that is responsible for the production of coins and coins for the United Kingdom.

“This decision reflects the outlook that is determined to be taken on cryptocurrencies in the UK,” the UK Treasury said in a statement. tweet.

UK and cryptocurrencies

The creation of the NFT is one of the steps the UK wants to become a “friendly country” for cryptocurrencies.

The UK government has even announced related projects stablecoinsthese cryptocurrencies are considered stable and are attached to fiat currencies.

According to Minister Rishi Sunak, the goal is to regulate these digital assets when used as a form of payment.

“We should not think of rules as something static and rigid. Instead, we should think about ‘code’ regulations. [como os de computadores] allows us to clean up and rewrite when needed, ”said the Treasury’s economic secretary.

This is because, according to the Treasury, if the government recognizes the potential of stablecoins and starts monitoring them now, it is possible to ensure financial stability, in addition to greater protection. more using this type of technology.

“By proper regulation, they [as stablecoins] can provide a more efficient payment method and expand customer choice, ”he said.

Another step to becoming a “CryptoFriend”

The UK government still plans to look at broader regulation of the cryptocurrency market by 2022, Secretary John Glen said.

Glen continues to hold meetings with key members of regulatory and industry authorities to discuss issues facing the cryptocurrency industry and to advise the government.

One of the conditions set by the country to enter more into the world of digital property is increased competition in the UK tax system.

The government wants to find new ways to encourage the development of the UK crypto market through taxes.

The government’s first idea is to review the way DeFi (private equity) currently treats loans for tax purposes and to see to what extent “Investment Manager’s Freedom “by introducing cryptocurrencies.

* With information from The Crypto Block

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