Plans for U.K. government-backed NFTs are abandoned, despite initial enthusiasm from the country's prime minister
“This is part of our plan to ensure the U.K. financial services industry is always at the forefront of technology and innovation,” Sunak added.
The NFTs were only part of a series of initiatives that were designed to “make the U.K. a global cryptoasset technology hub”. Other initiatives included the regulation of stablecoins and the creation of a “financial market infrastructure sandbox” to help firms innovate around cryptocurrencies. The Treasury also announced it would be exploring ways to tweak the tax system to encourage the crytpoasset market.
When giving evidence to the Treasury Select Committee in February, Sir Jon Cunliffe, deputy governor for financial stability at Bank of England said he felt it was more likely than not the U.K. would require its own digital currency. “There are lots of different motivations for having a digital pound,” he said. “Our basic motivation, and the reason we think it is likely to be needed, is to provide digital cash — the digital equivalent of Bank of England notes — for general payment purposes.”
However, he admitted the Bank of England didn't have the skills to launch the currency itself. “We would hope by the end of this next phase to have the skills to move with private sector partners to the next stages, which would be to build a working prototype to test in a simulated environment, then testing in a live environment, and then implementation,” he said. “The next phase is designed to put us in a position to do that.
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