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The first state NFT will be issued by the UK

Only the symbol of the Johnson government's approach to decentralized finance between openness to stablecoins, recognition of decentralized organizations and dynamic rules to return to the hub of the crypto world

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Of course, there is the Ukrainian government which in recent days has set up a project to finance the costs of the war against Russia. It is called the Meta Museum History of War and, among other things, will be selling 54 NFT documents documenting the invasion of the country. Each NFT includes the work of an artist, local as well as international, inspired by a journalistic title or a tweet that well summarized one of the moments immortalized. However, this is an operation set up in an emergency, orchestrated to raise funds to spend for the army and the population. In more reasoned and structured terms, as far as we know, the United Kingdom will launch the first “State NFT”, if we can say so.

In a much broader operation that aims to revive the country’s image as a hub for cryptocurrencies and digital tokens, Chancellor of the Exchequer Richi Sunak has announced that the Royal Mint, the state mint, will issue the first non-fungible token in Britain. next summer . It is difficult for the moment to know more even if the economic secretary to the Treasury John Glen explained that the token will be a symbol of the ” far-sighted approach ” that the country is adopting towards the crypto world in all its forms.

Let’s see, this forward-looking approach. The government aims above all to create a “dynamic regulatory landscape” that is at the same time able to provide guarantees to investors and savers and not to hinder the growth of a sector considered by many to be unreliable and ideal for fraud and money laundering. In short, not a small undertaking. For example, a series of regulations are in the works to accept so-called “stablecoins” within the country’s payment network. A stablecoin is a digital currency pegged to a stable reserve asset such as the US dollar, gold or in this case the pound. This anchoring allows them to at least partially dodge the extreme volatility that characterizes currencies such as Bitcoin or Ether. A bridge between cryptocurrencies and traditional currencies.

The strategy then envisages eliminating the disincentives with respect to investment funds that also focus on crypto assets and providing some kind of status or recognition to decentralized autonomous organizations, those realities that by definition do not have a central control body. In short, the first state NFT will be the emblem of this political, regulatory and financial effort.

The Financial Conduct Authority, that is the country’s financial regulatory body, has already developed a so-called regulatory “sandbox”, that is a set of tools, parameters and general rules that should bear the first fruits next May. Not only that: the government is also setting up a specialized group in the sector, a Cryptoasset Engagement Group that will include representatives of the FCA as well as the Bank of England and companies. A very broad work with which Great Britain wants to rebuild its reputation as an international financial hub even in the new (and slippery) world of decentralized finance.


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