UK Member of Parliament (MP) Lisa Cameron called for increased digital training regarding Web3, AI, and blockchain technology in a debate Tuesday, to increase the country’s “necessary talent pipeline” and bolster the UK crypto economy.
During the debate, Cameron argued that the UK needs to “level up” if it wants to be a superpower across emerging digital technologies.
MP Lisa Cameron Urges Blockchain Technology Initiatives
“While the UK is well placed to harness the opportunities presented by the growth of the digital economy, considerable preparation and investment in education, training and skills will be needed to make the most of those opportunities and to ensure that the UK has the necessary talent pipeline to help it to realize its goal of becoming a tech superpower,” Cameron stated.
APPG Chair Lisa Cameron MP calls for the UK to invest in its digital skills pipeline in order to meet the growth of new technologies like Crypto, AI, and Blockchain & to take advantage of new career opportunities in Digital Britain.#Cryptocurrency #Crypto #DigitalAssets pic.twitter.com/rRoXuTB8y2
— Crypto & Digital Assets APPG (@cryptoappg) April 17, 2024
Citing Ripple’s 2018 University Blockchain Research Initiative (UBRI) and Circle University, Cameron suggested that the UK should increase its business and education partnerships if it wants to bolster the digital economy.
“Those new and developing technologies have such potential and they could be the key driver of growth for the UK economy moving forward,” she said.
The UK’s Booming Crypto Economy
Current UK Prime Minister Rishi Sunak has long wanted to make the UK a hub for crypto, with the Bank of England and the Financial Conduct Authority (FCA) beginning their consultation on the draft guidance for the country’s Digital Securities Sandbox (DSS).
When launched, the DSS will allow emerging technology companies to test new products and services in a contained, regulated atmosphere.
The UK crypto economy has seen a boom in recent years, with the country ranking third in the world for raw digital asset transaction volume in 2023 alone.
“We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term,” Sunak said in 2022.
Rishi Sunak’s Re-Election Chances In Jeopardy
Sunak’s plan focused on digital assets could be altered if he fails to secure re-election sometime later this year, however.
Recent polls show Sunak’s current approval tanking, with the Prime Minister’s disapproval rating at 69%.
In the UK, the Prime Minister typically decides when the office’s election will be held. Given the public’s strong distaste for Sunak, he will likely hold off on calling an election until the end of 2024 to increase his popularity.
With the expected change in government, Cameron’s push towards solidifying digital asset initiatives may be more critical than ever.
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