Rishi Sunak may resume plans to launch NFT with the country’s Royal Mint
The UK may return its cryptocurrency plans to the previous level after the election of Rishi Sunak as the leader of the Conservative Party. In today’s article, we will discuss the future of UK cryptocurrencies.
The former Chancellor of the Exchequer led the cryptocurrency campaign before leaving office in July 2022.
His potential appointment as the next UK prime minister could revive previous plans to launch the NFT in conjunction with the country’s Royal Mint.
The UK may be about to restart its crypto campaign following the election of Rishi Sunak as leader of the Conservative Party.
Sunak has been one of the leading government figures advocating for the adoption of cryptocurrencies in the United Kingdom. He made crypto-focused proposals during his tenure as Chancellor of the Exchequer. In April, a Richmond MP asked the Royal Mint to issue a non-solvent token (NFT) by summer. However, after the departure of Sunak from the Treasury, the campaign around cryptocurrencies subsided.
Sunak also followed the US in creating a legal framework for stablecoins to make them legal tender.
The future of cryptocurrencies in the UK. Continuation of the path of El Salvador
In terms of cryptocurrency adoption, no country can match El Salvador. This Caribbean country is at the forefront of crypto adoption after bitcoin became legal tender. Early signs indicate that the UK could also follow the path of El Salvador. This is likely due to Sunak’s experience in global financial markets and his enthusiasm for cryptocurrencies.
The election of a former Goldman Sachs analyst comes at a pivotal time to clear up some of the confusion in the UK crypto space. His proposal to introduce the NFT back in April was criticized by monetary policy experts. Some have called the claim “an ill-conceived ploy”.
However, six months later, this call may still come true. And this time with more support from the Financial Conduct Authority (FCA).
Earlier this month, the UK Financial Markets Regulator announced the appointment of Binu Paul as the new Head of Digital Assets.
Indeed, Paul’s appointment is seen as an attempt by the government to expedite implementation of the Financial Services and Markets Bill passed in July.
The bill includes the regulation of stablecoins and “digital settlement assets”. The bill also calls for the FCA to create financial market infrastructure sandboxes to allow companies to test new technologies and practices in the financial markets.
The moves have led some leading crypto companies, including B2C2 crypto market maker Blockchain.com and firm Wirex, to seek licenses elsewhere after the FCA launched an anti-money laundering investigation.
