The UK's Treasury has canceled plans to launch a non-fungible token (NFT) as part of a broader bid to make the UK a more appealing hub for crypto innovation. The move, initially proposed by then Chancellor of the Exchequer Rishi Sunak, was announced in the spring of 2022 by the UK's Royal Mint. The British government was also making moves to bring stablecoins within a regulatory framework to be used as a recognized form of payment at the time. In a written response to questions on Monday, Treasury minister Andrew Griffith said the Royal Mint is "not proceeding with the launch of a Non-Fungible Token at this time but will keep this proposal under review."

(By Frank Chaparro)