Britain's Royal Mint is creating an NFT, ready for launch this summer

• Britain's Royal Mint will create a non-fungible token to be issued this summer, the government said on Monday.
• Finance Minister Rishi Sunak asked the Royal Mint to develop the NFT, the UK Treasury said on Monday.

Britain's Royal Mint will create a non-fungible token to be issued this summer, the Treasury department announced on Monday. Finance Minister Rishi Sunak asked the mint to start developing the token.

"This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK," HM Treasury tweeted.

NFTs are unique digital assets stored on blockchain technology. They can represent real-life items, like an audio or video clip, a piece of art, a virtual piece of land or virtual luxury item. They are much like a digital collector's item.

On Monday, economic secretary to the Treasury John Glen, said in a speech that there is still a lot of division over whether crypto could revolutionize the financial system, or just offers more scope for fraud and financing of illegal activity. Either way, he said, Britain intends to establish itself as a hub for crypto technology.

"If crypto-technologies are going to be a big part of the future, then we – the UK – want to be in, and in on the ground floor," he said.

"It's a challenge… and it's an opportunity… and today I want to tell you how here in the UK we're going to respond," he said. "Because we want this country to be a global hub - the very best place in the world to start and scale crypto-companies. If there is one message I want you to leave here today with, it is that the UK is open for business - open for crypto businesses," he said.

Glen said crypto will be a big part of the future of finance and technology, including offering opportunities in the next iteration of internet, blockchain and NFTs themselves. Glen gave no more detail on the proposed NFT from the Royal Mint, which not only produces all of the UK's coins, but also those of around 60 other countries.

Glen said the government is working with digital regulators to understand the issues that would need to be considered to allow Web3 to provide the maximum benefit for the public.

"No-one knows for sure yet how Web3 is going to look. But there's every chance that blockchain is going to be integral to its development… with a more decentralised, open and user-owned ecosystem," he said.