Crypto Opinions & News Tech Professionals Pour Cold Water On UK Crypto Hub

upnorth · Jul 9, 2022

UK IT professionals have rejected plans by former Chancellor of the Exchequer Rishi Sunak to make the island nation a "global crypo-asset hub."

Whether the blueprint survives this particularly turbulent period in British political history – which has seen Sunak resign to be replaced by Nadhim Zahawi, whose tenure may be short-lived given the resignation of Prime Minister Boris Johnson – is another matter. Nonetheless, 58 percent of IT specialists said they felt the profession should not support the Treasury's plan to make Britain a global center for crypto-asset technology and investment, including stablecoins and NFTs, according to a poll by the British Computer Society, the Chartered Institute for IT.

The former Chancellor has also asked the Royal Mint to launch its own non-fungible token (NFT). Sixty-eight percent of tech specialists said that was a bad idea.

UK tech pros reject government's crypto hub plans

Government proposals unlikely to outlast the new Chancellor anyway

www.theregister.com

upnorth · Mar 28, 2023

Plans for a government backed non-fungible token (NFT) produced by the Royal Mint have been dropped, the Treasury has announced.

Rishi Sunak ordered the creation of a "NFT for Britain" that could be traded online, while chancellor in April 2022. NFTs are assets in the digital world that can be bought and sold, but which have no physical form of their own. The Royal Mint announced it was "not proceeding with the launch" following a consultation with the Treasury.