• UK Treasury drops plans to launch NFTs issued by Royal Mint.
• Plans for NFT venture introduced by PM Rishi Sunak last year.
• After consulting the Treasury, Royal Mint decides not to proceed with launch of an NFT.

Proposal for NFT Venture

The UK government had proposed a non-fungible token (NFT) venture backed by the government of the United Kingdom which was pitched by Prime Minister Rishi Sunak in April 2022 when he served as the Chancellor of the Exchequer. The intended launch date for the project was summer of 2022.

Inquiry Sent To UK Treasury

Harriet Baldwin, a member of parliament, sent an inquiry to the UK Treasury earlier this month regarding the status of the proposed NFTs. The inquiry simply asked whether it remained policy of his Department that the Royal Mint issue a Non Fungible Token or not.

Decision Not To Proceed With Launch Of An NFT

In response to Harriet’s inquiry, Economic Secretary Andrew Griffith said that after consulting with the Treasury, they have decided not to proceed with launching an NFT. Harriet Balwin reiterated her concern stating „We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money“.

Rishi Sunak’s Pitch For ‚NFT For Britain‘

Rishi Sunak had set this plan in motion last year and described it as ‚NFT for Britain‘. The government wanted to regulate effectively so businesses can give them confidence they need and think and invest long-term into cryptocurrencies .


After consulting with the Treasury, Royal Mint has decided not to proceed with launching an NFT at this time but will keep it under review. This decision likely comes due to lack of ample evidence that constituents should be putting their money into these speculative tokens unless they are willing to risk losing all their money.