Rishi Sunak’s ‘NFT for Britain’ plan scrapped after 11 months

NFT British Prime Minister Rishi Sunak walks outside Number 10 Downing Street in London, Britain March 15, 2023. REUTERS/Peter Nicholls

Rishi Sunak’s plan for an ‘NFT for Britain’ has been quietly scrapped after just 11 months. Photo: Peter Nicholls/Reuters

The UK Treasury has abandoned its proposal for the Royal Mint to develop its own non-fungible token (NFT).

In April 2022, then-chancellor Rishi Sunak ordered the Royal Mint to create its own ‘NFT for Britain’, which he claimed would become “an emblem of the forward-looking approach the UK is determined to take”.

However, the scheme has now been quietly scrapped.

On Monday, UK economic secretary Andrew Griffith said that the plans for a Royal Mint NFT were not moving forward “at this time”.

He added that his department would keep the proposal “under review”.

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Harriet Baldwin chair of the Treasury Select Committee said: “We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money,” according to the BBC.

“So perhaps that is why the Royal Mint has made this decision in conjunction with the Treasury.”

A year ago, the Royal…

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