The U.K. Treasury has abandoned its plans to release a government-backed NFT dubbed NFT for Britain.
The decision followed the department's consultation with the Royal Mint, the official maker of British coins.
Treasury Select Committee Chair Harriet Baldwin cited economic uncertainty in the crypto industry and the speculative nature of the NFTs while explaining the decision.
- The country's economic secretary, Andrew Griffith, said the department would keep the proposal under review, even though it is currently not proceeding.
- The project was first proposed by U.K. Prime Minister Rishi Sunak in April 2022 while he was chancellor, with the Royal Mint tasked with releasing the NFT by the summer of last year.
- The collection saw several delays after Sunak's order and was ultimately canceled.
