Officials insisted to i in October that the 'NFT for Britain' that Rishi Sunak commissioned as Chancellor would be going ahead. The Treasury has now admitted it won't.
But in response to a Parliamentary question on Monday, ministers admitted that the project has indeed been abandoned.
Officials insist no taxpayer money has been wasted on the project because the costs were met by the Royal Mint – but the Royal Mint is wholly owned by the Treasury and its profits benefit the public purse.BBC Critics of the plan, including shadow Chancellor Rachel Reeves, previously dismissed the move as a vanity project by the Silicon Valley-tied Mr Sunak, who claimed at the time the UK could become “a global hub for crypto-asset technology”.Bank of England could back digital pound
In February, Chancellor Jeremy Hunt admitted the technology would not be ready until the end of the decade at the earliest – but said work on the digital currency was continuing with the Bank of England.
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