Lead the crypto trend! The UK will issue official NFT stablecoins and incorporate them into the payment framework

According to "CNBC", the British government announced that it will mint non-fungible tokens (NFT), hoping that the UK can become a world leader in the field of cryptocurrency. John Glen, economic secretary to the UK Treasury, said at a fintech summit that UK Chancellor of the Exchequer Rishi Sunak has asked the state-run mint, The Royal Mint, to create and issue NFTs before the summer. He added that more details would be released soon.

John Glen said that the UK’s NFT plan is part of the government’s efforts to lead the way in the cryptocurrency field. He also announced that the UK will take a series of measures to ensure that digital assets are subject to more rigorous regulatory scrutiny. These measures include:

1. Incorporate stablecoins into the UK’s existing electronic payment regulations.

2. Consult countries that are regulating cryptocurrency (including Bitcoin) transactions.

3. Ask the Legal Committee to consider the legal status of blockchain-based communities, also known as decentralized autonomous organizations (DAO).

4. Check the tax treatment of decentralized finance (DeFi) lending and staking.

5. Establish a crypto-asset cooperation group, which will be chaired by the minister of British regulatory agencies and the management of cryptocurrency companies.

6. Explore the application of blockchain technology in the issuance of debt instruments.

John Glen pointed out that the British government is also paying attention to other trends related to cryptocurrency, including the so-called Web3. He said: No one knows exactly what Web3 will look like in the future, but blockchain is likely to be an integral part of the development process of Web3. We want this country to be on the front lines looking for the greatest economic opportunity.

As policymakers around the world begin to take a closer look at the $2 trillion market, industry insiders have been calling for the UK to clarify its stance on the cryptocurrency space.

It was reported last week that UK Treasury officials have shown a willingness to understand the complexities of the cryptocurrency market and so-called stablecoins and will announce a regulatory plan for the cryptocurrency market in the short term, with a focus on stablecoins.

For a long time, British regulators have taken an extremely harsh attitude towards digital assets. Since August 2020, the UK Financial Conduct Authority (FCA) has only granted registration approval to 33 cryptocurrency companies. In addition, companies such as Blockchain.com, B2C2 and Wirex have been forced to close due to failure to obtain regulatory approval. Cryptocurrency business in the UK and moving overseas.

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