UK Lawmaker Urges for Increased Blockchain Support from Government

• Natalie Elphicke Encourages U.K. Government's Greater Involvement in Blockchain Technology
• Blockchain Advocacy at the House of Commons
• Potential of Blockchain Technology
• Global Moves in Blockchain Legislation
• U.K.'s Role in the Blockchain Industry
• U.K.'s Future Blockchain Policies
• Next Steps for Blockchain APPG

Natalie Elphicke Encourages U.K. Government's Greater Involvement in Blockchain Technology

At a recent event, Member of Parliament Natalie Elphicke urged the United Kingdom government to work harder to capitalize on blockchain technology. Although the government has shown interest in becoming a hub for cryptocurrencies, it has not clarified its plan for regulating the blockchain sector.

Blockchain Advocacy at the House of Commons

In her call to action at the Thames Pavilion during a meeting in the House of Commons, Elphicke emphasized the importance of blockchain technology for the U.K.'s future. She advocates for stronger collaboration between the industry and policymakers to boost understanding and application of blockchain. She also heads the All Party Parliamentary Group on Blockchain Technologies, a bipartisan organization similar to the Crypto APPG.

Potential of Blockchain Technology

Elphicke believes in the vast potential of the blockchain sector. She envisions its role in ensuring greater transparency in global supply chains, as well as its application in digital identity verification and data management.

Global Moves in Blockchain Legislation

Around the world, governments are introducing legislation to address blockchain technology. For instance, the Deploying American Blockchains Act received unanimous approval in a committee in the U.S. House of Representatives this month. Similarly, Belgium's government has expressed its intention to enhance European blockchain infrastructure.

U.K.'s Role in the Blockchain Industry

In light of international developments, Elphicke stressed the need for the U.K to catch up with the pace of international regulators. She also underscored the necessity for the U.K. to work alongside other countries on blockchain-related issues.

U.K.'s Future Blockchain Policies

Despite its interest in becoming a crypto hub, the U.K.'s progress in advancing blockchain policy has been minimal. Economic Secretary Bim Afolami reiterated this aspiration, and the government plans to regulate the sector in phases, beginning with stablecoin legislation set for introduction early next year. Additionally, the country recently passed a bill facilitating the use of blockchain technology in transport and trade document handling. The timing for further enactment of blockchain policies in the U.K., however, remains unclear.

Next Steps for Blockchain APPG

The Blockchain APPG also announced its intention to hold roundtable discussions next year. Furthermore, the group will invite industry input on how the U.K. can fully utilize the skills, opportunities, and diversity found in the blockchain sector, as per Elphicke's statement at the event.

Edited by Jonathan Stoker