BAF 4th ANNUAL MEMBER SUMMIT SESSION 1: LORD MCNICOL OF WEST KILBRIDE HOUSE OF LORDS, UK PARLIAMENT

Summary

Lord McNicol of West Kilbride, a member of the UK House of Lords, discusses the potential of blockchain and digital assets to revolutionize finance and benefit the UK economy. He emphasizes the importance of a stable policy environment, collaboration with the government, and the need for a formal strategy for emerging technologies like AI. McNicol also highlights the opportunities in green finance, digital pounds (CBDCs), and securities tokenization, while stressing the balance between innovation and consumer protection.

Takeaways

• 🌐 The event was established in 2021 and has been growing steadily, focusing on discussions around blockchain and digital assets.
• 👥 The speaker thanked attendees and those in the metaverse, highlighting the global interest in the topics discussed.
• 🎤 Ian from West Kilbride, a parliamentarian from the House of Lords, was invited to share his thoughts on blockchain and emerging technologies as a force for good.
• 🇬🇧 The UK is seen as a potential leader in blockchain and fintech, with a need to build economies of scale and benefit from these technologies.
• 🏛️ Ian's background includes six years in the House of Lords, with roles in business and trade, and as a Deputy Speaker during COVID-19.
• 📈 Blockchain and fintech are crucial for the UK's financial sector, which contributes significantly to the economy and employment.
• 🌿 Fintech is leading in green finance, health technology, and financial inclusion, showing its potential for social change and environmental benefits.
• 💡 The speaker's involvement in companies like Astra Enterprise and Salid Money demonstrates a practical understanding of the sector's potential.
• 💼 The new labor government is tasked with creating a stable policy environment to support the financial sector's growth and innovation.
• 🔗 The potential of AI, open finance, and digital currencies like CBDCs was discussed, emphasizing the need for legislative oversight and a strategic approach.

Q & A

When was the organization mentioned in the script established?

The organization was established in 2021.

What has been the growth trajectory of the organization since its establishment?

The organization has been growing steadily since its establishment in 2021.

What topics have been discussed in the organization's meetings?

The meetings have involved interesting discussions around blockchain and digital assets.

Who is Lord McNicol and what is his role in the House of Lords?

Lord McNicol is a parliamentarian from the House of Lords, and he has been involved in various roles including being Shadow Minister in the Lords for business and trade, and one of the Deputy Speakers during the COVID-19 pandemic.

What was Lord McNicol's role as Shadow Minister in the Lords for business and trade?

As Shadow Minister in the Lords for business and trade, Lord McNicol dealt with international trade and business issues.

What is the significance of blockchain and fintech for the UK economy according to Lord McNicol?

Blockchain and fintech are incredibly important sectors for the UK economy, with the potential to revolutionize finance, promote social change, and improve everyday lives.

How does Lord McNicol view the role of fintech in green finance?

Lord McNicol sees fintech as leading the way in green finance, helping businesses access funding for reaching Net Zero targets and incentivizing greener behavioral changes in consumers.

What is the potential economic impact of blockchain on the UK economy as mentioned in the script?

According to a PWC report mentioned in the script, blockchain has the potential to boost the UK economy by £57 billion.

What is the role of the all-party parliamentary group in promoting blockchain and related technologies?

The all-party parliamentary group aims to bring together members from different political parties to discuss and promote the opportunities presented by blockchain and related technologies.

What are the key areas where blockchain technology is being studied and applied as per the script?

Blockchain technology is being studied and applied in areas such as public governance, CBDCs, tokenization, securities, social good, and supply chains, among others.

What is the current academic interest in blockchain technology as indicated by the script?

There is a significant academic interest in blockchain technology, with over 16,000 peer-reviewed research papers published on blockchain, crypto assets, and web three topics in the past 12 months alone.