On September 20, a group of British politicians—including eight Lords—participated in a metaverse conference with leaders from 51 other countries to discuss the blockchain and Web3 businesses in the UK. The next iteration of the internet, known as Web3, is crucial because it represents a paradigm shift that reimagines the very fabric of the internet, according to Natalie Elphicke, a member of parliament and the chair of the newly formed All Party Parliamentary Group (APPG) for Blockchain Technologies. Natalie Elphicke appeared as her distinctive avatar in the metaverse.
Elphicke claimed that the UK has the ability to develop into a “smart country” that uses blockchain technology, but he also pointed out that the country was falling behind rivals in gaining blockchain-related jobs. Since less than 12 nations have so far published roadmaps, she urged for more international cooperation and national blockchain roadmaps. Elphicke also brought up the National Blockchain Roadmap, which was released in 2021 and outlines the goal of creating a blockchain-based “digital nation” with the technology being used for digital identification programmes, industrial symbiosis networks, and climate mitigation initiatives.
Elphicke also covered decentralised finance (DeFi), noting the particular potential and challenges it presents for policymakers and regulators. He also stressed the significance of establishing transparency, auditability, and accountability in these ecosystems. She also discussed the tokenization of real-world assets, adding that this trend will continue to develop as physical assets are tokenized. On the other hand, a measure regulating online safety that covered activity in the metaverse as well as other UK internet services, was approved by parliament on September 19.
