MP Natalie Elphicke called on the UK government to do more to take advantage of blockchain technology.
The UK government wants to be a crypto hub, but has said little about how it plans to regulate the blockchain industry.
British MP Natalie Elphicke on Thursday called on the government to do more for blockchain during an event at the Thames Pavilion, located in the House of Commons where lawmakers meet.
“Now I want Britain to do more to harness the power of blockchain technologies, to be that leader, to mark that step change, because it is vital that industry and policymakers work together to advance the understanding and application of technologies,” says Elphicke. said at an event in London organized by the All Party Parliamentary Group on Blockchain Technologies, which she chairs. The blockchain APPG is a cross-party group, similar to the crypto APPG.
Blockchain is a sector in which Elphicke says he sees a lot of potential. She said it could bring more transparency to global supply chains or be used for digital identity and data purposes.
Other countries have passed legislation to address issues with blockchain technology. The Deploying American Blockchains Act, a blockchain-friendly bill, received unanimous approval in a committee in the US House of Representatives this month. Meanwhile, the Belgian government announced last month that it wants to boost European blockchain infrastructure.
Britain must follow the pace set by international regulators to make progress, Elphicke said. She also called on Britain to work with other countries on blockchain issues.
Britain has done little on blockchain policy, but has said it wants to be a crypto hub – a position that Britain’s new economy minister, Bim Afolami, recently reiterated. The country plans to regulate the sector in phases, starting with the introduction of legislation for stablecoins early next year. It is not clear when more blockchain policies will be introduced in Britain, although a bill was recently passed paving the way for the use of blockchain technology to transport commercial documents in the country.
The blockchain APPG group also plans to launch roundtable discussions next year and ask industry input on how Britain can leverage skills, opportunities and diversity in blockchain, Elphicke told CoinDesk at the event.