On September 20, a group of British politicians participated in a virtual address to global leaders from 51 countries, outlining the UK's vision for its blockchain and Web3 industries.
This address occurred during the Metaverse Gathering, where eight members of the British House of Lords and politicians discussed the opportunities and challenges associated with the development of Web3 technology.
Natalie Elphicke, Member of Parliament (MP) and chair of the newly established All-Party Parliamentary Group (APPG) on blockchain technology, made a unique appearance in the virtual universe as her avatar. She emphasized the significance of Web3 as the next evolution of the internet, stating, "Web3 represents a paradigm shift that reimagines the structure of the Internet." In her keynote speech, Elphicke highlighted that the UK has the potential to become a blockchain-enabled "smart nation" but acknowledged that the country lags behind its competitors in terms of access to blockchain-related job opportunities.
Elphicke stressed that the UK's top priority is fostering the growth of the Web3 industry and strategic workforce planning. She emphasized the need to make the UK an appealing hub for Web3 founders, developers, programmers, and companies. Additionally, she called for increased collaboration between nations and the development of national blockchain roadmaps, noting that fewer than a dozen countries have published such roadmaps to date.
Another key focus is advancing the national blockchain roadmap, which was scheduled for release in 2021. This roadmap outlines ambitions to create a blockchain-based "digital nation" and apply blockchain technology to initiatives related to climate mitigation, industrial symbiosis networks, and digital identity . Elphicke also touched upon the challenges and opportunities presented by decentralized finance (DeFi), emphasizing the importance of transparency, audibility, and accountability in these ecosystems.
Furthermore, Elphicke discussed the tokenization of real-world assets, noting that "our world is being tokenized," and the trend of tokenizing real assets is expected to grow. However, she mentioned the passing of the Online Safety Bill on September 19, which aims to regulate certain internet services in the UK, including activities within metaverses.
