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A group of British politicians made a virtual appearance in the metaverse on September 20 to address leaders from 51 countries. Their goal was to outline the United Kingdom’s vision for the blockchain and Web3 industries.
During the metaverse gathering, eight British Lords and politicians discussed the opportunities and challenges presented by the rapid growth of Web3 technology.
Natalie Elphicke, a Member of Parliament and chair of the newly formed All Party Parliamentary Group (APPG) for Blockchain Technologies, joined the virtual event using her personalized avatar. She emphasized the significance of the next phase of the internet, known as “Web3,” stating, “Web3 represents a paradigm shift that reimagines the very fabric of the internet.”
In her keynote address, Elphicke pointed out that the UK has the potential to become a blockchain-powered “smart country.” However, she acknowledged that the nation was falling behind its competitors in attracting blockchain-related jobs.
She identified the first UK national priority as fostering the growth of the Web3 industry and planning for its workforce. Elphicke emphasized the importance of making the UK an appealing hub for Web3 founders, developers, programmers, and companies to operate in.
Elphicke also called for the development of more national blockchain roadmaps and increased international collaboration, noting that fewer than 12 countries had published such roadmaps to date.
Furthermore, she emphasized the importance of advancing the National Blockchain Roadmap, published in 2021, which aims to transform the UK into a blockchain-based “digital nation.” This technology would be applied to various areas, including climate change mitigation, industrial symbiosis networks, and digital identity programs.
Regarding decentralized finance (DeFi), Elphicke mentioned that it presents both unique challenges and opportunities for regulators and policymakers. She stressed the need to ensure transparency, auditability, and accountability within these ecosystems.
Elphicke also discussed the tokenization of real-world assets, stating, “It is undeniable that our world is being tokenized.” She noted that physical assets are increasingly being represented as digital tokens, and this trend is expected to grow.
However, it’s worth mentioning that on September 19, the UK parliament passed an online safety bill aimed at regulating certain internet services in the metaverse and other online activities.
