- On September 20, a group of British lawmakers spoke to a gathering of 51 nations in the metaverse.
- Elphicke emphasized the UK’s potential to develop into a “smart country” with blockchain technology.
- The legislator from the Conservative Party was the tokenization of real-world assets are also discussed.
On September 20, a group of British lawmakers spoke to a gathering of 51 nations in the metaverse, outlining a vision for the blockchain and Web3 businesses in the country.
Eight British Lords and politicians spoke at the metaverse gathering about the advantages and disadvantages of the development of Web3 technology.
Metaverse Avatars
The All Party Parliamentary Group for Blockchain Technologies‘s head, Natalie Elphicke, emphasized the importance of Web3 as a paradigm shift that reimagines the structure of the internet and presents a distinctive avatar in the metaverse.
Elphicke emphasized the UK’s potential to develop into a “smart country” with blockchain technology, but he also pointed out that it is lagging in acquiring blockchain-related jobs.
The growth of the Web3 sector and workforce planning are of the utmost importance if the UK is to become a desirable center for Web3 entrepreneurs, developers, programmers, and businesses.
Less than 12 nations have released national blockchain roadmaps to date, therefore Elphicke advocated for increased production and international cooperation.
She added that moving forward with the National Blockchain Roadmap, which was announced in 2021, was another priority. The roadmap outlines the goal of creating a blockchain-based “digital nation,” with the technology being used for projects like digital identity schemes, industrial symbiosis networks, and climate mitigation.
DeFi was also discussed, and she said that it presents “unique challenges and opportunities for regulators and policymakers,” before adding that “ensuring transparency, auditability, and accountability in these ecosystems is paramount.”
Also discussed by the legislator from the Conservative Party was the tokenization of real-world assets. She began by saying, “There is no doubt that our world is being tokenized, and this trend will only continue to grow from here,” before continuing, “Physical assets are getting tokenized.”
On the other hand, on September 19, the Online Safety Bill, which sought to control some internet services in the United Kingdom, including metaverse activity, was approved by parliament.
