- UK Prime Minister Rishi Sunak, while serving as Chancellor of the Exchequer in April, asked the Royal Mint to develop a government-backed NFT.
The Royal Mint, the United Kingdom’s official coin maker, has confirmed that plans for a government-backed non-fungible token (NFT) remain active, according to a report in Financial News published Tuesday.
Officials at the Royal Mint told the publication that the NFT initiative is still progressing despite headwinds such as the cryptocurrency bear market and the departure of several senior figures from HM Treasury.
The Royal Mint provided its statement in response to a Freedom of Information Act request, the Financial News report said.
UK prime minister described as ‘crypto-friendly’
In April, while serving as Chancellor of the Exchequer, Rishi Sunak instructed the Royal Mint to prepare a UK-backed NFT, with an intention to issue the token by summer. The announcement formed part of a wider strategy to position the UK as a crypto hub, backed by several crypto-friendly officials across the Treasury and parliament.
Sunak left his chancellor role in July as the government of then-Prime Minister Boris Johnson unraveled, prompting speculation that the NFT plan might be delayed or derailed.
Since then, political developments have shifted and Sunak has become Prime Minister, a change that industry observers say could benefit the crypto sector given his earlier support for the project.
Analysts note that having a crypto-friendly figure in 10 Downing Street could boost momentum for digital asset initiatives nationwide.
NFTs are expected to recover following the lull of the crypto bear market. As Galaxy Digital recently highlighted, creators have earned over $1.8 billion in royalties from Ethereum-based NFTs, signaling ongoing demand and commercial activity in the space.
The technology’s broader adoption continues: in July, CoinJournal reported that the English Football Association announced plans for its own NFT platform, reflecting a trend of institutions exploring token-based offerings worldwide.