“Web3 represents a paradigm shift that reimagines the very fabric of the internet,” said British MP Natalie Elphicke.
A group of British politicians took to the metaverse to address global leaders in a 51-nation gathering on Sept. 20, setting out a vision for the United Kingdom’s blockchain and Web3 industries.
The metaverse gathering saw eight British Lords and politicians address global leaders on the opportunities and challenges posed by the growth of Web3 technology
Natalie Elphicke, member of parliament and chair of the new All Party Parliamentary Group (APPG) for Blockchain Technologies, appeared as her unique avatar in the metaverse, where stressed the importance of the next iteration of the internet:
“Web3 represents a paradigm shift that reimagines the very fabric of the internet.”
As chair of the APPG on blockchain technologies, I was pleased that me and Avatar Natalie could join the British Blockchain Association’s Global Summit today to give a keynote speech – held in the metaverse. @Brit_blockchain @APPGBlock pic.twitter.com/hDriQA5rAv
— Natalie Elphicke MP (@NatalieElphicke) September 20, 2023
In her keynote, Elphicke said that the U.K. has the potential to become a blockchain-enabled “smart country” but noted the nation was “lagging competitors” in securing blockchain-related jobs.
The first UK national priority is Web3 industry growth and workforce planning, she said before adding:
“Part of that is about making the UK an attractive hub for Web3 founders, developers, programmers, and companies to work here,”
Elphicke called for more national blockchain roadmaps and collaboration between countries, commenting that so far, fewer than 12 countries have published roadmaps.
She said another priority was taking forward the National Blockchain Roadmap, published in 2021. The roadmap sets out an ambition to build a blockchain-based “digital nation” with the technology being applied to climate mitigation efforts, industrial symbiosis networks, and digital identity programs.
She also mentioned DeFi, stating that it poses “unique challenges and opportunities for regulators and policymakers,” before adding that “ensuring transparency, auditability, and accountability in these ecosystems is paramount.”
The Conservative Party politician also spoke about real-world asset tokenization. “It is unquestionable that our world is being tokenized,” she said before adding “Physical assets are getting tokenized, and this trend will only grow from here.”
However, on Sept. 19, an online safety bill aimed at regulating certain UK internet services including activities in the metaverse passed through parliament.