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UK still working on government-backed NFT, officials say

Then-chancellor Rishi Sunak announced the plan in April as part of an effort to make the UK a 'crypto hub'

NFTs are better known as celebrity status symbols through groups such as the Bored Ape Yacht Club, but the UK's coin agency says it is pressing ahead with its own plans despite the crash in crypto prices
NFTs are better known as celebrity status symbols through groups such as the Bored Ape Yacht Club, but the UK's coin agency says it is pressing ahead with its own plans despite the crash in crypto prices Photo: Miguel Candela/Getty Images

Ministers are pushing ahead with plans to create a government-backed non-fungible token, despite a crash in crypto prices and key Treasury figures who backed the controversial project having left their post.

The Royal Mint confirmed to Financial News it is still working to create an NFT – a form of crypto asset – as part of an effort to present the UK as a crypto-friendly business environment.

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