The Royal Mint of the United Kingdom is planning on creating a Non-Fungible Token (NFT) that will be issued this Summer.

The Chancellor of the Exchequer, Rishi Sunak, said in a press release that the NFT will be an “emblem of the forward-looking approach the UK” towards making the UK a global hub for crypto assets technology and investment.

The UK government announced plans on Monday to make UK financial services sector remain at the ” cutting edge of technology, attracting investment and jobs and widening consumer choice.”

In the last 24 hours, bitcoin has been down by 0.1%, with a current price of $45,849.83 as of the time of writing this. Within 24 hours, bitcoin experienced a $45,277.36 low and $47,077.20 high. The trading volume of bitcoin in the last 24 hours is $27,254,682,362. The current market capitalization of bitcoin is $871,342,140,911. Currently, $19.00M bitcoins are in circulation.

Stats and Image from Coin Gecko

Aside from issuing an NFT, the UK government wants to regulate stablecoins and adopt them as a payment method.

“The government intends to legislate to bring stablecoins – were used as a means of payment – within the payments regulatory perimeter, creating conditions for stablecoins issuers and service providers to operate and invest in the UK,” the statement said.

The NFT update from the UK government has generated mixed feelings amongst UK citizens online. While some people believe that the government is beginning to understand the potential of blockchain, crypto and NFT, others are sceptical about the idea.