British Prime Minister Sunak’s plans for UK NFT on ice
- Reference: 1680004273
- News link: https://www.theregister.co.uk/2023/03/28/sunaks_plans_for_uk_nft/
- Source link:
In a written answer in Parliament, Andrew Griffith, Conservative MP and economic secretary to the Treasury, said: “In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a Non-Fungible Token at this time but will keep this proposal under review.”
In April last year, the Treasury proudly announced — [1]on Twitter! — it had asked the [2]Royal Mint to create an NFT to be issued by the summer, by the decree of Rishi Sunak, then Chancellor of the Exchequer. The decision showed “the forward-looking approach we are determined to take towards cryptoassets in the UK,” the Treasury said at the time.
[3]
In the intervening period, the UK [4]political theater has seen enough turmoil, intrigue and back-stabbing to fill a five-season HBO box set. However, no token — fungible or otherwise — has emerged from the Royal Mint. True to national character, the UK’s oldest company and maker of the national coins is probably deeply embarrassed at having been so bold and now nursing a cup of tea and a Digestive hoping it will all blow over.
[5]
[6]
The move perhaps typifies the island nation’s sometimes wavering attitude to backing tech trends and winners.
In March, now Prime Minister Rishi Sunak [7]announced plans for the UK to become a science and technology superpower by 2030, alongside a “raft” of new measures backed by over £370 million ($455 million) in funding, or about half of a percent of Larry Ellison’s estimated wealth.
[8]Tech professionals pour cold water on UK crypto hub plans
[9]Meta winds down NFTs but will continue token efforts
[10]Bill Gates says NFTs '100% based on greater fool theory' amid crypto cataclysm
[11]NFT vending machine appears in London
[12]Crooks steal NFTs worth '$3m' in Bored Ape Yacht Club heist
But a [13]recent speech by Bank of England governor Andrew Bailey betrays an oh-is-it-all-really-worth-the-bother note of resignation.
Noting a fall in manufacturing productivity since the financial crises, he speculated that “new ideas have become harder to come by, or perhaps technological innovation and specialisation have faded as globalisation slowed.”
[14]
After all that, we can only assume he put on his slippers, lit a pipe and settled down to a comfy evening reading The Wisden Guide to County Cricket Grounds. ®
Get our [15]Tech Resources
[1] https://twitter.com/hmtreasury/status/1510971092072079360
[2] https://www.royalmint.com/innovation/nft/
[3] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2ZCMPJqJlvxxnkMnzVD680QAAANc&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[4] https://www.theregister.com/2022/10/20/prime_minister_liz_truss_resigns/
[5] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZCMPJqJlvxxnkMnzVD680QAAANc&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[6] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33ZCMPJqJlvxxnkMnzVD680QAAANc&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[7] https://www.gov.uk/government/news/plan-to-forge-a-better-britain-through-science-and-technology-unveiled
[8] https://www.theregister.com/2022/07/08/uk_crypto_hub/
[9] https://www.theregister.com/2023/03/14/meta_/
[10] https://www.theregister.com/2022/06/16/bill_gates_nfts/
[11] https://www.theregister.com/2022/11/04/nft_vending_machine/
[12] https://www.theregister.com/2022/04/26/nft_theft_bored_ape_yacht_club/
[13] https://www.bankofengland.co.uk/-/media/boe/files/speech/2023/march/supply-matters-speech-by-andrew-bailey-at-lse.pdf
[14] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZCMPJqJlvxxnkMnzVD680QAAANc&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[15] https://whitepapers.theregister.com/
"now let's see if they drop any of their other vanity boondoggles."
You mean like despite all the scientific evidence and drug advice services saying don't, making possession of laughing gas illegal on the grounds it creates litter?
Still , got to keep the Daily Mail happy.
I thought exactly the same thing. I've been in meetings with local community groups where they seem to have a "moral panic" about finding these things, and after a little digging it seems it's no more than a litter problem. Far more harm caused by alcohol or ciggys for instance. I think some ignorant people see these things and just think "Oh no, kids are getting high on drugs!"
Personally I've only ever tried it in hospital, felt a bit relaxed and it wore off pretty quickly. That's the same stuff, right? (I also had a sneaky puff during labour when my wife was trying to give birth, but that didn't help me feel relaxed or anything at all really)
Anyway, I heard they were going to announce this on Sunday evening, but I have not seen any actual announcement. Is it really a thing?
EDIT: Oh, it's real. I thought perhaps I'd dreamed it. This is going to turn some young people into criminals for doing something which is mostly harmless. Oh dear.
Same stuff as used in the wards. There is an issue beyond litter: chronic use can harm your health, which is why it was in the news recently that a hospital suspended using it because the ventilation in the ward was so poor that it risked staff being made ill.
@ArrZarr
"As much as I utterly despise the current govt, at least not wasting any more time & money on this specific POS is a good thing, now let's see if they drop any of their other vanity boondoggles."
We can only hope. Not likely to happen but would be better than ever rising tax and increasing national debt
Augh, I can see that now.
"Keep Calm and Carry On" becomes an NFT! As do Spitfires and Routemasters.
The idea would be a disgrace to the Royal Mint, sounding more like something from one of those dubious sounding Channel Islands "Mint" companies shilling insanely tacky-looking coronation coins on some Freeview channels.
And I was so looking forward to getting one of those "Get Out of Tax for Free" NFTs that shield you from all HMRC obligations and interactions on all levels.
An unusual moment of clarity from HMG as normally, they'd throw meeellions of £££ at something like this before eventually coming to the conclusion that the rest of us had from the start that NFT's are a pile of sh1t.
UK Government NFTs already exist... Peerages
Somebody pays a lot of money to the Conservative Party then gets to boast about their 'honour'.
Doesn't really need any discussion does it? It was somewhere between a PR stunt for the Tories in general and a vanity project for Sunak in particular. It was never going to fly in the real world.
Treasury
Treasury is being rewarded for being such a great sports for Infosys and Indian tech industry.
One can only imagine what the NFTs would be of, even ignoring what a waste of time idea the whole shebang is.
Would it be stuff like the WW2 propaganda posters? Showing a twee and outdated view of what Britain is or some unintelligible abstract creation?
As much as I utterly despise the current govt, at least not wasting any more time & money on this specific POS is a good thing, now let's see if they drop any of their other vanity boondoggles.