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\n

The United Kingdom\u2019s treasury minister has tasked the Royal Mint with creating an NFT as \u201can emblem of the forward-looking approach\u201d Her Majesty\u2019s Treasury says it\u2019ll take toward cryptocurrencies and blockchains. The project was announced in a speech<\/a> by John Glen, the Economic Secretary to the Treasury, who said at a summit that more details on the mint\u2019s mint would be coming \u201cvery soon.\u201d<\/p>\n
While countries like Ukraine have issued NFTs before<\/a>, this particular announcement feels a bit different \u2014 for one, it\u2019s coming from one of the highest levels of the British government. It\u2019s also supposed to be carried out by the entity in charge of printing the country\u2019s money.<\/p>\n
That\u2019s not to say that UK citizens should expect the government to replace the pound with HerMajesty\u2019sCoin anytime soon. The announcement\u2019s complete lack of details makes it easy to see it as just a PR exercise \u2014 a way for the treasury to show that it really is serious about making the UK a hotbed of financial innovation and getting \u201cin on the ground floor\u201d with crypto (by, you know, announcing an NFT over a year after Taco Bell came out with its own crypto token<\/a>). <\/p>\n
\n<\/aside>\nTo be fair, it seems like the UK government is taking crypto seriously. Glen announced that the treasury is asking a legal task force to consider the \u201clegal status of decentralized autonomous organizations\u201d (or DAOs<\/a>). He also rounds up a lot of what the government is currently working on regarding crypto \u2014 the talk<\/a> is 21 minutes long (though there\u2019s a good amount of fluff), and you can watch it in full below. <\/p>\n
Reuters<\/em> does a good job of breaking down the major components<\/a>, but as a TL;DR: the UK\u2019s treasury is working on regulating some stablecoins<\/a> (cryptocurrencies whose value is, in theory<\/a>, largely tied to the price of fiat currencies), will be having a lot of meetings around crypto regulation and is still working on its \u201cregulatory sandbox\u201d to let crypto companies \u201ctest products and services in a controlled environment.\u201d<\/p>\n
As for the treasury\u2019s crypto project, it\u2019s hard to know what to expect. Will it be a collectible that crypto enthusiasts across the UK will want to have in their wallets? Or will it just be a single NFT (the announcement tweet somewhat implies that there\u2019ll be only one) stored on a hardware wallet locked up in Buckingham Palace or the Tower of London? <\/p>\n
Honestly, that\u2019s probably not the important part. While NFTs are buzzy (or at least were at one point), crypto\u2019s future will likely be shaped more by how countries with a big stake in global finance choose to regulate them rather than any particular project \u2014 even if that project is from the Royal Mint. <\/p>\n<\/div>\n

<\/br><\/code><\/p>\n
Source: https:\/\/www.theverge.com\/2022\/4\/4\/23010457\/uk-royal-mint-nft-her-majestys-treasury-crypto-regulation-legislation<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
Source: The United Kingdom\u2019s treasury minister has tasked the Royal Mint with creating an NFT as \u201can emblem of the forward-looking approach\u201d Her Majesty\u2019s Treasury says it\u2019ll take toward cryptocurrencies and blockchains. The project was announced in a speech by John Glen, the Economic Secretary to the Treasury, who said at a summit that more […]<\/p>\n","protected":false},"author":1,"featured_media":2964,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15,8],"tags":[16],"class_list":["post-2963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-policy","category-technology","tag-policy"],"yoast_head":"\nHer Majesty\u2019s Treasury is working on a new kind of mint: NFTs - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/04\/05\/her-majestys-treasury-is-working-on-a-new-kind-of-mint-nfts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Her Majesty\u2019s Treasury is working on a new kind of mint: NFTs - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: The United Kingdom\u2019s treasury minister has tasked the Royal Mint with creating an NFT as \u201can emblem of the forward-looking approach\u201d Her Majesty\u2019s Treasury says it\u2019ll take toward cryptocurrencies and blockchains. 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