The Treasury has announced plans to dive into the crypto space with the launch of an official NFT later this year.

John Glen, the Treasury’s economic secretary, confirmed today that the Chancellor has asked the Royal Mint to issue NFTs later this year. The move signals the Treasury’s intention to create a welcoming environment for crypto assets in the UK, Glen said.

“I am announcing today that the chancellor has asked the Royal Mint to create a non-fungible token,” Glen announced at the Innovate Finance conference in London today.

“There is a genuine opportunity to harness our strengths in FinTech to harness the energy of capitalism, which has already made UK financial services what they are, and use it to unlock the potential of crypto technologies,” Glen commented.

“It’s not going to happen overnight… But we believe that by making this country a hospitable place for cryptocurrencies, we can attract investment, generate waves of new jobs, and create a wave of innovative new products and services.” Glenn added.

The Treasury’s decision to launch NFTs is part of a broader package of measures designed to make the UK an international hub for cryptocurrencies.

“This decision shows the forward-looking approach we are determined to take towards crypto assets in the UK,” the Treasury confirmed in a tweet.

Rishi Sunak has also confirmed plans to recognize stablecoins, digital assets tied to the price of real-world assets, as a valid form of currency.