The nearly daily innovations in cryptocurrency, blockchain, and artificial intelligence (AI) have dominated headlines. Not as much has been made of the workers who make those breakthroughs possible, and the substantial digital skillset it requires to work in the emerging sectors.
In the UK, employers have struggled to find workers who have the skills to thrive in the digital workplace. To that end, members of Parliament have aligned to call for a more intensive education process for digital skills.
“Although 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 these opportunities and to ensure that the UK has the necessary talent pipeline to help it realize its goal of becoming a tech superpower,” said Lisa Cameron, Member of Parliament, in a prepared statement.
Crypto Central Player
The UK has been clear about its intention to be a central player in the cryptocurrency industry. A key part of the plan is to solidify stablecoin adoption. UK lawmakers have announced new legislation, taking effect by July, that aims to further regulate crypto and stablecoin activities.
That legislation comes on the heels of a 2023 bill that established crypto and stablecoins as regulated financial assets. After that landmark legislation, there has been much conjecture about the way systemic stablecoins would operate in the UK. Some have even suggested that the Bank of England could regulate stablecoins such as the one PayPal just issued.
Short On Talent
However the crypto system turns out, the UK is likely on the right track. Stablecoins are expected to be one of the top digital asset trends this year. The recent legislative initiatives could set the country up to be the decentralized finance hub it aims to be.
But these efforts to validate crypto could be for naught if the UK can’t find the skilled talent to bring it to fruition. That’s why Cameron and her colleagues have recommended the UK partner with some of the leading blockchain companies in the country to develop education initiatives for digital skills.
Until the UK can bring its workforce up to speed, the shortage of skilled workers is expected to cost the country’s economy $79 billion a year.
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