British Politicians Advocate for UK Blockchain and Web3 Industries in Virtual Gathering

Addressing Global Leaders in the Metaverse

A group of British politicians recently took part in a 51-nation gathering in the metaverse to discuss the future of the United Kingdom's blockchain and Web3 industries. The event featured eight British Lords and politicians who shared their insights on the opportunities and challenges presented by Web3 technology.

Web3: A Paradigm Shift

Natalie Elphicke, member of parliament and chair of the new All Party Parliamentary Group (APPG) for Blockchain Technologies, made a strong case for the importance of Web3 during her keynote address. She emphasized that Web3 represents a paradigm shift that has the potential to reimagine the very fabric of the internet.

UK's Potential as a "Smart Country"

Elphicke highlighted the United Kingdom's potential to become a blockchain-enabled "smart country" but acknowledged that the nation is currently lagging behind its competitors in securing blockchain-related jobs. She stressed the need to make the UK an attractive hub for Web3 founders, developers, programmers, and companies.

Call for Collaboration and National Blockchain Roadmaps

Elphicke called for increased collaboration between countries and the development of more national blockchain roadmaps. She pointed out that only a small number of countries have published such roadmaps so far. Additionally, she emphasized the importance of advancing the National Blockchain Roadmap, which was published in 2021 and aims to build a blockchain-based "digital nation" in the UK.

Challenges and Opportunities of DeFi

Elphicke acknowledged the unique challenges and opportunities posed by decentralized finance (DeFi) and urged regulators and policymakers to ensure transparency, auditability, and accountability within these ecosystems.

Real-World Asset Tokenization

Elphicke also discussed the increasing trend of real-world asset tokenization. She stated that physical assets are being tokenized, and this trend is expected to continue growing in the future.

Regulating UK Internet Services in the Metaverse

In related news, an online safety bill aimed at regulating certain UK internet services, including activities in the metaverse, recently passed through parliament on September 19.