The plan of launching government-based non-fungible tokens, which was proposed in April 2022, has now been called off by the United Kingdom Treasury. Proposed by the current U.K. Prime Minister Rishi Sunak, who was the then chancellor, the NFTs were to be developed and released by the Royal Mint, the official maker of British coins.

“This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the U.K.,” said H.M. Treasury tweeted back in April 2022. The decision was taken to push the U.K. as a global cryptocurrency hub.

Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.

This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK

— HM Treasury (@hmtreasury) April 4, 2022

Responding to a question by MP Harriett Baldwin on “whether it remains the policy of his Department that the Royal Mint issue a Non-Fungible Token,” the U.K.’s economic secretary Andrew Griffith answered, “In consultation with H.M. Treasury, the Royal Mint is not proceeding with the launch of a Non-Fungible Token at this time but will keep this proposal under review.”

As per BBC, Baldwin cited the volatility and uncertainty clouding the crypto industry as a reason to delay or terminate the plan.

“We have not yet 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. So perhaps that is why the Royal Mint has made this decision in conjunction with the Treasury,” said Baldwin.

While the U.K. may be putting a pause on its NFT plans, Japan and China, last year, had also announced their decision to embrace NFTs and metaverse services.