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NUCL3AR // DIGITAL ARTS

Llantrisant’s Royal Mint asked to create NFT by Chancellor of the Exchequer as part of cryptoassets plan

Llantrisant’s Royal Mint asked to create NFT by Chancellor of the Exchequer as part of cryptoassets plan

Rishi Sunak. Picture by Chris McAndrew (CC BY 3.0).

The Chancellor of the Exchequer has asked Llantrisant’s Royal Mint to create a NFT, as part of a drive to make the UK a global leader in digital assets.

The UK Government-owned mint which is based in Rhondda Cynon Taf has been producing coins since 880 AD but this will be the first time they have been asked to produce a digital item with value.

An NFT, or non-fungible token, is a digital asset built onto a blockchain, which provides a unique record of ownership. Their detractors claim that they are essentially value-less and are a pointless fad.

Chancellor Rishi Sunk has asked the Royal Mint to create an NFT to be issued by the summer,” the Treasury said.

“This decision shows the forward-looking approach we are determined to take towards cryptoassets in the UK.”

The announcement part of a series of measures to make the UK a global hub for cryptoasset technology and investment, they said.

Chancellor of the Exchequer, Rishi Sunak said: “It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.

“We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.

“This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”

The plans also include the creation of a cryptocurrency, paving the way for use in the UK as a recognised form of payment.

Cryptocurrencies such as Bitcoin have soared in value over the past two years, with a single Bitcoin currently worth £35,036, although like NFTs some argue that they are a bubble, and a waste of energy resources.

The post Llantrisant’s Royal Mint asked to create NFT by Chancellor of the Exchequer as part of cryptoassets plan appeared first on Nation.Cymru.

This content was originally published here.