Natalie Elphicke, a Member of Parliament in the U.K., urged the government to take more action in advancing blockchain technology during an event held at the Thames Pavilion within the House of Commons. She emphasized the necessity for the U.K. to lead in this area and highlighted the importance of collaboration between industry and policymakers for the development and utilization of blockchain technologies.
Elphicke, who chairs the All Party Parliamentary Group on Blockchain Technologies, expressed optimism about the potential of blockchain in various sectors, citing its ability to enhance transparency in global supply chains and its applications in digital identity and data management.
Pointing to global initiatives in regulating blockchain, Elphicke highlighted the recent progress in the U.S. and Belgium. She emphasized the need for the U.K. to align with international regulators and collaborate with other nations on blockchain-related matters. Despite the U.K.’s aspiration to become a crypto hub, Elphicke noted the limited progress in establishing specific blockchain policies, although steps are being taken towards regulation, with the introduction of legislation for stablecoins planned for early implementation.
Elphicke also mentioned the recent passage of a bill enabling the use of blockchain in trade document transportation in the U.K. Additionally, she revealed plans by the blockchain APPG to organize round table discussions and solicit input from the industry on how the U.K. can best leverage skills, opportunities, and diversity within the blockchain sector.
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