A virtual parliament session was held in the United Kingdom, with politicians adorning metaverse avatars to share their future plans for the blockchain and Web3 industries. Natalie Elphicke, a member of the parliament and chair of the All Party Parliamentary Group (APPG) for Blockchain Technologies, marked the event as the dawn of Web3 era which signifies a new, exciting phase of the internet we know today.
Presenting her speech through her metaverse avatar, Elphicke acknowledged that despite the U.K.’s potential to metamorphose into a profoundly blockchain-enabled “smart country,” it seems to hover a bit behind in harnessing blockchain-related employment opportunities.
According to her, nurturing the growth of the Web3 industry is one of the U.K.’s national top priorities, and this involves making the U.K. a coveted hub for Web3 founders, developers, programmers, and companies to get their gears grinding. She urged for more national blockchain roadmaps and international cooperation, noticing that less than a dozen countries have so far released such roadmaps.
Elphicke also highlighted the another priority was advancing a National Blockchain Roadmap published in 2021. The roadmap underlines the U.K.’s ambition to mould a digital nation based on blockchain technology that can be used for climate change mitigation, industrial symbiosis networks, and digital identity programs.
Speaking of advances in Decentralized Finance (DeFi), Elphicke acknowledged the novel challenges and opportunities it represents. She emphasized the need for transparency, auditability, and accountability in these nascent ecosystems.
However, it’s essential to spotlight a piece of recent legislation which somewhat contradict her forward-looking views. On 19th Sept, an online safety bill intent on regulating internet services inclusive of metaverse activities was passed through parliament. How this will coexist with the ambitious plans for U.K. as a ‘smart country’ is uncertain.
The juxtaposition of Elphicke’s vision and the recent regulation leaves us in a limbo. Are we embarking on a new era of unrestricted innovation and freedom through the use of blockchain and Web3 technologies? Or will our experiences and possibilities continue to get constrained under stringent regulations and policies?
Source: Cointelegraph
