A group of British politicians, including Member of Parliament Natalie Elphicke, addressed global leaders in the metaverse during a 51-nation gathering, highlighting the potential and challenges of the United Kingdom's blockchain and Web3 industries. Elphicke emphasized that Web3 represents a paradigm shift in the fabric of the internet and called for the UK to become an attractive hub for Web3 development. She also discussed priorities, including blockchain roadmaps and addressing challenges posed by DeFi and real-world asset tokenization.
British Politicians Embrace Metaverse to Promote Blockchain and Web3
A group of British politicians and Lords ventured into the metaverse on September 20 to address global leaders from 51 nations. Their mission: to articulate a vision for the United Kingdom's burgeoning blockchain and Web3 industries, as well as to discuss the opportunities and challenges presented by these technologies.
In this virtual gathering, British Member of Parliament Natalie Elphicke, who also serves as the chair of the newly established All Party Parliamentary Group (APPG) for Blockchain Technologies, made a notable appearance. In her avatar form, she stressed the significance of the evolving internet landscape, stating, "Web3 represents a paradigm shift that reimagines the very fabric of the internet."
Elphicke used her keynote address to underscore the immense potential for the United Kingdom to become a blockchain-enabled "smart country." However, she acknowledged that the nation currently lags behind its competitors in securing blockchain-related job opportunities.
The primary national priority, according to Elphicke, is the growth of the Web3 industry and strategic workforce planning. She added, "Part of that is about making the U.K. an attractive hub for Web3 founders, developers, programmers, and companies to work here."
Moreover, Elphicke called for the development of national blockchain roadmaps and emphasized the importance of international collaboration in this arena. She noted that fewer than 12 countries have published blockchain roadmaps to date.
Another critical focus area she highlighted was advancing the National Blockchain Roadmap, unveiled in 2021. The roadmap outlines an ambitious vision of constructing a blockchain-based "digital nation." This technology would be leveraged in various domains, including climate mitigation efforts, industrial symbiosis networks, and digital identity programs.
Elphicke also delved into the realm of decentralized finance (DeFi), acknowledging the unique challenges and opportunities it presents for regulators and policymakers. She emphasized the paramount importance of ensuring transparency, auditability, and accountability within DeFi ecosystems.
Furthermore, she touched on the subject of real-world asset tokenization, stating, "It is unquestionable that our world is being tokenized." Elphicke emphasized that physical assets are increasingly being tokenized, with this trend expected to grow significantly.
However, it's worth noting that on September 19, the Online Safety Bill, designed to regulate certain internet services in the UK, including activities in the metaverse, was approved by parliament. This legislation introduces regulatory measures for digital spaces and online interactions within the metaverse, reflecting the evolving legal landscape in response to the growing influence of virtual environments.
(MARTIN YOUNG, CoinTelegraph, 2023)