Decoded: Technology Law Insights, Volume 3, Issue 7 | Spilman Thomas & Battle, PLLC
Britain Announces Plans to Mint Its Own NFT as It Looks to ‘Lead the Way’ in Crypto -
"Glen said the government was also 'widening' its gaze to look at other aspects of crypto, including so-called Web3, a movement that proposes a more decentralized version of the internet built on blockchain technology."
Why this is important: The Royal Mint has been tasked with creating and issuing the U.K. government’s first official NFT. This announcement would appear to be a well-timed PR move to bring attention to the push to make the U.K. a leader in the field of crypto. City Minister John Glen outlaid a number of key points in the plan to accomplish this goal during a London fintech event; key among which is the focus on bringing so-called stablecoins (a type of cryptocoin that derives value from sovereign currencies) into existing electronic payment regulations. These announcements and outlines come at a time that other governments are also pushing focus towards embracing crypto and beginning to regulate in the field, with many taking tentative first steps into a field where the impacts of broad-ranging regulation is simply unknown. With the U.K. now firmly declaring its intent to become a world crypto-hub, and beginning to layout actual steps to achieve this goal, pressure will be on the U.S. and other countries to double-down on their own such efforts.
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