British politicians, including members of the House of Lords, assembled in the Metaverse on September 20th to discuss the United Kingdom’s strategy for its blockchain and Web3 sectors with global leaders.

At this unique 51-nation gathering, eight key British political figures used the Metaverse to delve into the expanding universe of Web3 technology, outlining both its potential and the hurdles it faces.

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Natalie Elphicke, a Member of Parliament and chair of the newly-formed All-Party Parliamentary Group (APPG) for Blockchain Technologies, appeared through an avatar. She emphasized that Web3 is set to overhaul the underlying framework of the Internet, stating:

Web3 represents a paradigm shift that reimagines the very fabric of the internet.

During her keynote speech, Elphicke pointed out that the UK has everything it needs to become a blockchain-driven “smart country.” However, she also acknowledged the nation’s current shortcomings in capturing blockchain job opportunities, claiming that the UK was “lagging <behind> competitors.” 

She elaborated that one of the UK’s primary objectives is to grow its Web3 industry and human resources. She added:

Part of that is about making the UK an attractive hub for Web3 founders, developers, programmers and companies to work here.

Discussing the importance of global collaboration, Elphicke called upon nations to release their blockchain roadmaps. She observed that fewer than 12 countries have taken this step so far.

Elphicke further emphasized the need to carry out the objectives raised in the National Blockchain Roadmap, published in 2021. The roadmap aspires to transform the UK into a “digital nation,” applying blockchain technology to various sectors, including climate change mitigation and digital identity systems.

Additionally, Elphicke explored the field of decentralized finance (DeFi). She pointed out that the sector offers “unique challenges and opportunities for regulators and policymakers” and stressed the importance of “ensuring transparency, auditability, and accountability in these ecosystems.” She also remarked on the inevitable tokenization of real-world assets, suggesting this trend will only escalate.

The gathering in the Metaverse occurred just a day after the Online Safety Bill, aimed at regulating specific internet services, including Metaverse activities, passed through the UK parliament.

The British politicians’ foray into the Metaverse signals a dynamic and forward-looking approach to blockchain and Web3 technologies. While the UK seeks to become a prominent player in these emerging industries, the legislative framework and public policy are also catching up, setting the stage for a fascinating interplay between technology and governance.