Natalie Elphicke, the chair of the blockchain APPG, has called for the UK authorities to fully embrace the potential of blockchain technologies and take a leading role in the global blockchain scene. She stressed the need for collaboration and action in terms of blockchain policy and education.
Natalie Elphicke, a UK Member of Parliament and the chair of the All Party Parliamentary Group on Blockchain Technologies, has made a strong case for the UK to become a global leader in blockchain adoption and innovation. She made her remarks at an event hosted in the Thames Pavilion, where she highlighted the importance and benefits of blockchain technologies for various sectors and industries.
The role of the UK Blockchain Association in supporting the blockchain APPG
Elphicke emphasized that advancing the understanding and application of blockchain technologies would require a concerted effort from both the industry stakeholders and policymakers. She said that the blockchain APPG, which she chairs, aims to provide a platform for dialogue and collaboration between these two sectors, as well as to educate and inform the public and parliament about the potential of blockchain.
The lawmaker also praised the work of the UK Blockchain Association, which is a non-profit organization that promotes and supports the blockchain ecosystem in the UK. She said that the association has been instrumental in providing guidance and resources for the blockchain APPG and the wider blockchain community.
Elphicke said that the event, which was attended by representatives from various sectors, such as finance, health, education, and energy, was an opportunity to showcase the impact and value of blockchain technologies for different use cases and challenges. She said that blockchain technologies have the potential to enhance transparency, efficiency, security, and trust in various processes and transactions, as well as to empower individuals and communities.
UK’s opportunity to catch up in Blockchain progress
Elphicke also urged the UK authorities to fully embrace the potential of blockchain technologies and to take a leadership role in the global blockchain scene. She said that the UK has the ambition and the capability to become a leading crypto hub, but it needs to act fast and decisively in terms of blockchain policy and regulation.
She said that the UK is lagging behind other countries, such as the US and Belgium, which have recently made significant progress in addressing blockchain-related issues and supporting blockchain infrastructure.
Natalie cited the examples of the Deploying American Blockchains Act, which was unanimously approved by the US House of Representatives, and the European Blockchain Partnership, which is a joint initiative of 30 European countries, including Belgium, to develop a common blockchain services infrastructure.
The lawmaker said that the UK is planning to regulate the sector in phases, starting with the introduction of legislation for stablecoins, which are digital currencies that are pegged to fiat currencies or other assets, early next year.
However, she said that the timeline for broader blockchain policies in the UK remains uncertain and that the UK needs to collaborate with other nations to navigate the complex and rapidly evolving landscape of blockchain technologies effectively.
The upcoming industry input for the Blockchain APPG
Elphicke outlined the plans of the blockchain APPG for the upcoming year, which include initiating round table discussions and seeking industry input on how the UK can leverage skills, opportunities, and diversity within the blockchain space. She said that the blockchain APPG is open to suggestions and feedback from the blockchain community and that it welcomes new members and supporters.
Natalie Elphicke also mentioned that the UK’s economic secretary, Bim Afolami, has reaffirmed the UK’s ambition to become a crypto hub and that he has expressed his support for the blockchain APPG and its activities. She asserted that this is a positive sign and that she hopes that the UK authorities will follow through with their commitment and vision.
