Members of the UK Parliament have called on its government to build an ecosystem that provides skills needed to match the demand in the Crypto, Blockchain, and AI industries.
According to CoinDesk, Member of Parliament Lisa Cameron who led the call urged the UK government to ensure that digital skills are taught from the early stage of education and even in the workplace.
- “Although the U.K. 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 these opportunities and to ensure that the U.K. has the necessary talent pipeline to help it realize its goal of becoming a tech superpower,” Cameron said in a press statement shared with CoinDesk.
The UK government has earlier said that it wants to make the country a hub for Crypto. So far it has reflected this desire through legislation that recognizes Crypto as a regulated activity with secondary legislation for stablecoins and other crypto activities on the way.
However, for Cameron, there is still more to be done to make the United Kingdom a hub for crypto activities. One of the major challenges cited by employers in the digital sector is a lack of talent to hire.
Cameron also asked for more partnerships with crypto firms like Ripple, which launched a blockchain research initiative for universities in 2018, stablecoin issuer Circle, which partnered with academic institutions; and Tether, which launched an education initiative this year.
The UK Minister of Skills, Luke Hall commented on the growing skills gap in the digital sector in the country citing what it costs the UK economy.
- “We know that there are digital skills gaps to address. That gap is estimated to cost the U.K. economy £63 billion ($79 billion) a year,” he said.
What to Know
- About 11% of Brits, or approximately 5.6 million people, have invested in cryptocurrency as of 2024.
- In 2023, the U.K. passed a landmark financial markets bill that laid the foundation for stablecoins and crypto broadly to be treated as regulated financial activities in the country.
- The UK is also home to a lot of crypto-friendly banks with Revolut being one of the UK Banks with the highest adoption of cryptocurrencies.