that the commitment to creating an NFT is “a particularly inefficient use of the Government’s time”.
“It’s fine if you’re a multimillionaire who wants to put your assets in a broad suite – some in art and whiskey, some in shares and some in bonds,” he said. “It’s not a costly exercise, but the costliness comes down to how will we judge this market in five or ten years time, maybe sooner? The Bank of England says it is still “looking at whether we should create a CBDC for the UK in the future” and will consult on the project “later in 2022”.
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👉 While serving as chancellor in April, Rishi Sunak said that the Treasury would be leaping on the then popular NFT craze, which saw numerous brands and celebrities launch collections of crypto-art.