/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
UK politicians address blockchain and web3 via the metaverse

UK politicians address blockchain and web3 via the metaverse

Natalie Elphicke MP OBE and other UK politicians addressed a forum of 51 nations to set out the UK’s national priorities for blockchain and web 3 through an appearance in the metaverse.

Elphicke delivered a keynote at the British Blockchain Associations third annual summit, calling on policymakers to create and support opportunities “for the new, for innovation, and for change,” as an avatar in the metaverse.

Parliament launched the UK Parliament’s All Party Parliamentary Group (APPG) for Blockchain Technologies earlier this month. The group is chaired by Elphicke and will explore the potential of blockchain and web 3 technology for UK businesses, the public sector and the wider UK economy and plans to engage industry including global firms, alongside other industry experts and leading academics.

During the forum, Natalie Elphicke MP OBE said: “Web3 represents a paradigm shift that reimagines the very fabric of the internet. It is unquestionable that our world is being tokenised. From real estate to precious metals, from arts and collectibles to education credentials, from stocks and bonds to Carbon credits and energy tokens, the physical assets are getting tokenised, and this trend will only grow from here.”

She added that “the UK has the potential to become a Blockchain enabled “Smart Country” for Digital Government, Citizens, and Public Services. Blockchain-based systems can reduce costs and increase transparency in government and public sector processes. Self-executing Algorithms can streamline interoperability, increase trust and efficiency in online civil systems.”

She said: “Regulation and effective policies can help to mitigate some of the risks but cannot
eliminate them. Web3 is global so if we make and apply laws that stifle innovation and put
unnecessary restrictions in place, businesses will go elsewhere.”

Comments: (0)