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Rishi Sunak orders launch of UK's own NFT. What you need to know

Rishi Sunak's deputy John Glenn said that the non-fungible token (NFT) would be emblematic of the "forward-looking approach we are determined to take".

April 05, 2022 / 10:12 IST
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The United Kingdom is introducing the NFT in effort to the lead the way in cryptocurrencies.

The United Kingdom will soon introduce its own non-fungible token in effort to the lead the way in cryptocurrencies, CNBC reported.

Rishi Sunak, the UK's chancellor of the exchequer, has directed the Royal Mint to put out the NFT by the summer, his deputy John Glenn said at a conference in London on Monday.

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Glenn added that the UK government planned to prioritise blockchain technology and even consider borrowing money and issuing debt using it, according to the Independent.

Non-fungible tokens refer to units of data stored on blockchain -- a digital ledger. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.