As Signuptoken.com’s no-presale, no-prepayment strategy gets crypto investors’ attention, the United Kingdom dropped its plan to launch government-backed NFTs. Why did the UK government scrap its revolutionary plan? What does Signuptoken.com have in store for investors? Will these new developments in the crypto world influence the crypto market? Let’s discuss answers in detail.
Rishi Sunak – The Crypto-Friendly PM
In 2022, Rishi Sunak, then chancellor of the Exchequer, ordered the Royal mint to create government-backed NFTs to be issued by the summer. His decision showed the UK government’s ambition to make the nation a global hub for crypto asset investment and technology. But the plan failed to meet the deadline. When the crypto-friendly Rishi Sunak became the prime minister of the United Kingdom in October 2022, it was believed that he would create room for the crypto market to grow in the Kingdom. But five months after he took office as prime minister, the treasury announced that it had abandoned Rishi’s plan to create NFTs.
The treasury’s decision has shocked many crypto investors as when Rishi Sunak won the Prime ministerial election in 2022, the news outlets wrote it as a victory for the crypto industry. He has been known for his crypto-friendliness since 2020 when he expressed his intention to prioritize central bank digital currency and stablecoins to put the UK financial services industry at the forefront of technology and innovation. But what made the government abandon the plan to produce NFTs while keeping a crypto-friendly PM at the helm?
Reason Behind Treasury’s Decision
NFTs are digital assets that can be bought and sold, and that use blockchain technology to register transactions. Although blockchain technology can’t be forged, some crypto critics still think of NFTs as a bubble waiting to burst.
When responding to a question regarding the NFT launch plan, Harriet Baldwin, the chair of the treasury, referred to NFTs as speculative tokens. He went on to say “we haven’t seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money.” Though the UK PM is optimistic about the crypto industry, the government doesn’t seem to share his enthusiasm.
Apart from this, the UK government’s NFT launch plan has remained unclear since the announcement. Both the Royal Mint, the UK’s official coin producer, and the Treasury have failed to elaborate on what the NFTs would do and how they would be used.
Join A Millionaire Club With No Money
What comes to mind when you think of a new cryptocurrency venturing into the market? Different stages of presale? Enticing offers to lure more investors? These are the usual marketing strategies that crypto companies have been practising to establish their currencies before launch.
But Signuptoken.com employs entirely different tactics. The platform has decided to directly launch its token on Uniswap without presale. Hence, there will be no need for prepayment.
Users who sign up with their mail id on the Signuptoken.com web page will be added to the millionaires’ club. The platform aims to reach one million sign-ups before launch. After reaching the goal, registered users will be notified of the token launch, giving them early access to purchase the token.
Signuptoken.com is believed to reach its goal sooner than expected as it simplifies the process of investing in the decentralized financial system. It is worth being on Signuptoken.com’s waiter’s list, as users will not be charged for the sign-up process.
Although the UK government dropped its plan to launch NFTs, Andrew Griffith, the secretary of economics, has indicated that the NFT launch proposal would still be subject to review. Hence, if the UK government reviews its decision and comes up with a better plan to proceed with the abandoned project, it will definitely establish an attractive destination for the crypto industry. And if Signuptoken.com’s attempt to simplify the crypto investment succeeds, we can expect more cryptocurrencies to follow the same path in the future, making the crypto market more accessible to common people.
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*This article was paid for. Cryptonomist did not write the article or test the platform.