Following a recent event held in the Thames Pavilion, which is located in the House of Commons where lawmakers meet, U.K. Member of Parliament Natalie Elphicke urged the government to do more for blockchain.
“It’s imperative that industry and policymakers collaborate to enhance comprehension and implementation of blockchain technologies. I want to see the U.K. taking greater steps to harness this power, to be that leader, to mark that step change,” Elphicke stated at a London event organised by her All Party Parliamentary Group on Blockchain Technologies. Comparable to the crypto APPG, the blockchain APPG is a cross-party group.
Elphicke stated that she believes there is a lot of promise in the blockchain industry. According to her, it might boost supply chain transparency internationally or be utilised for data and digital identity purposes.
Several nations have begun enacting laws pertaining to blockchain technology. This month, a committee in the U.S. House of Representatives unanimously approved the blockchain-friendly Deploying American Blockchains Act. The government of Belgium, meanwhile, declared last month that it intends to strengthen the blockchain infrastructure across Europe.
Elphicke stated that in order to advance, the United Kingdom must keep up with the speed at which global regulators are proceeding. She also demanded that the UK work with other nations on blockchain-related issues.
Although the United Kingdom hasn’t done much in the way of blockchain policy, Bim Afolami, the country’s new economic secretary, recently reaffirmed the country’s desire to be a centre for cryptocurrency. The nation intends to regulate the industry gradually, beginning early next year with the introduction of stablecoin legislation. Though a bill that allows blockchain technology to be used for trade document transportation was recently passed in the UK, it is unclear when more blockchain laws may be enacted there.
According to Elphicke, the blockchain APPG group also intends to hold roundtable discussions the following year and solicit feedback from the sector on how the United Kingdom can take advantage of the opportunities, diversity, and skill set in blockchain.