Britain's Royal Mint Will Create a Non-Fungible Token

The Royal Mint of the United Kingdom will create a non-fungible token to be issued this summer, the Treasury announced on Monday. Finance Minister Rishi Sunak urged Mint to start developing tokens.

NFTs are unique digital assets stored in blockchain technology. They can represent real objects such as audio or video clips, works of art,  virtual lands, or virtual luxury goods. They are like digital collectables.

Economic secretary to the Treasury John Glen said in a speech that there is still a lot of division over the impact of crypto on the financial system. Either way, he said, Britain intends to establish itself as a hub for crypto technology. 

He also said that the government is working with regulators to understand the issues that would be necessary to allow Web3 to provide the maximum benefit for the public. 

Glenn said cryptocurrencies will be a big part of the future of finance and technology, including offering opportunities in the next iteration of the internet, blockchains and NFTs themselves. Coins are available not only in the United Kingdom but also in about 60 other countries.