Royal Mint Halts NFT Plans Amid Crypto Uncertainty

The Royal Mint’s plan to launch an NFT, initially proposed by then UK Chancellor Rishi Sunak in April 2022, has been halted for now but remains under review. The project, which aimed to release the token by summer 2022, encountered delays. Previously, the Royal Mint expressed interest in using blockchain technology for tracking its gold supply in 2017.

Economic Secretary Andrew Griffith announced on Monday that the project is not proceeding “at this time.” Treasury Select Committee Chair Harriet Baldwin mentioned that the government’s chief financial minister would be questioned if the NFT issuance is still a policy objective for his department. BBC reports suggest economic uncertainty in the cryptocurrency sector contributed to postponing the collection.

Baldwin warned constituents against investing in speculative tokens unless they are prepared to lose all their money, possibly influencing the Royal Mint and Treasury’s decision.