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On July 11, the European Commission formally adopted its new strategy on Web4 and virtual worlds with the aim of ensuring “an open, secure, trustworthy, fair and inclusive digital environment” for European Union citizens. The strategy is based on four main pillars, revolving around the empowerment of human resources, support of businesses, further development of public services, and shaping of global standards for “Web 4.0” — a freshly coined term that attempts to preempt the next technological wave.

While it’s commendable that the European Commission is proactively strategizing for the EU to take the lead on Web 4.0, or Web4, and virtual worlds, we shouldn’t neglect the fact that for all the fanfare of Web3 and the trends that accompanied it, notable credit and financial institutions have so far only firmly and mainly placed their confidence in Bitcoin (BTC) and, to a lesser extent, Ethereum.

Indeed, it is difficult to assert that Web3 left anything of considerable substance behind it — aside from a sharp but short-lived spike in the Lamborghini and Rolex markets. The sooner that term is forgotten, the sooner we’ll be able to focus again on the areas that do matter.

Related: It’s time for the SEC to settle with Coinbase and Ripple

The EU’s general stance on Bitcoin has arguably detracted from its image as a forward-looking, technology-advancing region, and it would do well to either retract or modify previously taken positions on matters such as proof-of-work mining. The reinvention of money is far from a light matter, and if the EU is to take a pincer hold of what ultimately makes the world move, it is well-advised to do so by both advancing its digital euro project and also supporting the other side of the coin, thereby hedging its position to a degree where it is minimizing risks and maximizing possible opportunities.

In order to do so, it must proverbially unstick the European Central Bank’s head from the sands, limit any anti-Bitcoin publications from the famed Fabio Panetta, and adopt a neutral monetary stance that aligns with a technology-neutral one.

Moving on to the cornerstone of the proposed strategy on Web4 — digital twinning — it is evident that the EU faces stiff competition from stalwarts such as the United States and China in digitally dominant areas such as artificial intelligence. While one may argue that, on the physical side of things, the EU enjoys a notable position in areas such as manufacturing and global exportation of goods, there is still an appreciable degree of catching up to do in relation to digital areas such as crypto and cloud computing.

In order for the EU to take the lead on the intersection between the physical and digital realms, it must ramp up its efforts to emancipate digitally exclusive domains such as crypto, which presents notable opportunities given the current lull in the market. While most are forgoing innovations such as decentralized finance (DeFi) and decentralized autonomous organizations as passing trends that have recently exited the limelight, it is clear that these are still very early days for such topics, and that optimally positioning oneself while the general attention is elsewhere will very likely pay handsome dividends in a few years’ time.

Related: Demand is driving the price of Bitcoin to $130K

When it comes to DeFi, specifically, Europe as a continent has quietly asserted itself as a leader, with countries such as Italy and France being the birthplace of some of the most notable projects in the space. It would not do to ignore the advantageous position gained in the market in this respect, and with the total value locked metric still hovering comfortably above the $45 billion mark, it is amply clear that DeFi staunchly took the bear market punch and is nowhere near knocked out. It’s also likely to come back for more in the next market reversal.

With innovations such as ERC-4626 ready to unlock a wealth of exciting new prospects in the space, it is safe to state that we have yet to see DeFi’s true strengths and potential, and if the EU manages to take the helm and steer innovation going forward, it will cement its place in the inevitable financial revolution that has been bubbling in its pot for the past few years.

Over the past decade, cryptocurrency has been reinvented and reshaped to no avail. The promise of a new form of money still remains its strongest premise, and digital assets flourish best in a digital environment. The lessons learned from the repeated security token flops should still be fresh enough to accentuate the fact that we are not yet ready for a seamless intersection between what is digital and what is physical, and that in order for two subjects to simultaneously succeed, there must be a comparable, if not identical, level of excellence.

That is something that is still sorely missing in the EU when it comes to digital and crypto assets, which is why it should remain the focus in the short term.

Jonathan Galea is the CEO and founder of BCAS, a European crypto regulatory consultancy firm. He has consulted numerous regulatory entities across multiple jurisdictions on crypto-related matters, including the structuring of novel legal frameworks. He holds in an LL.D. in law from the University of Malta.

Matteo Vena is the chief strategy officer at BCAS, a crypto-focused regulatory consultancy firm based in Europe. His area of focus is business and marketing strategy in the Bitcoin and digital assets industry. He worked previously as the managing director for Cointelegraph Italy and as the head of content for Blockchain Week Rome.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Welfare concessions should give people ‘peace of mind’, says Wes Streeting

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Welfare concessions should give people 'peace of mind', says Wes Streeting

Wes Streeting has suggested he is confident the government will now win a crunch vote on welfare cuts after Sir Keir Starmer made a number of concessions to prevent a damaging rebellion.

The health secretary told Sunday Morning With Trevor Phillips the alterations to the controversial welfare bill meant those in receipt of benefits now had “peace of mind”.

Asked whether he was confident the government would now win a vote on the reforms scheduled for Tuesday, Mr Streeting said: “Yes.

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“I think the changes that were made this week have put us in a much better position, not just on the vote on Tuesday, but on the substance of the package – because as a result of the changes, it means anyone watching this morning who’s in receipt of PIP, Personal Independence Payments, now has the peace of mind of knowing that their situation is protected.”

It comes after the prime minister carried out the most significant U-turn of his premiership at the end of the week in order to quell a growing rebellion over his welfare package.

More than 120 Labour MPs had signalled they were prepared to vote down the bill next week after they signed an amendment that would have stopped its progress through parliament – citing concerns about the impact on the most vulnerable and the lack of proper consultation with disabled groups.

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The scale of the rebellion – and the fact it spanned all wings of the party – alarmed Downing Street and led to Sir Keir making a number of changes to diffuse the anger.

Originally, the bill set out to tighten the eligibility criteria for PIP – money that is given to people, some of whom are in work, who have extra care or mobility needs as a result of a disability.

People who claim it are awarded points depending on their ability to do certain activities, such as washing and preparing food, which influences how much they will receive.

Currently claimants need to score a minimum of eight points across a range of tasks to qualify for the daily living element (there is a mobility element that is not affected by the plans). Under the new rules people will need to score a minimum of four points in at least one activity to qualify.

However, the changes made by Sir Keir mean existing PIP claimants will now be exempted from the stricter new criteria.

Alterations to Universal Credit, another type of benefit, mean that the health top-up will only be cut and frozen for new applications, as opposed to existing ones.

Read more:
What are the concessions to the welfare bill – and will MPs back it?
Welfare has been Starmer’s most damaging U-turn yet

Mr Streeting declined to say whether he thought those who decide to vote against the bill should lose the party whip, which would force them to sit as an independent MP in the Commons.

He said it was “not my decision”, but added that there was an “expectation that Labour MPs vote for the whip”.

In a series of interviews over the weekend, the prime minister acknowledged there had been some mishandling of the welfare debate and said he was “heavily focused” on world affairs before he was forced to U-turn on his welfare bill.

In a piece in The Sunday Times, Sir Keir said he was occupied with the G7 and NATO summits and the escalating tensions in the Middle East for much of the past two weeks.

“Getting it right is more important than ploughing on with a package which doesn’t necessarily achieve the desired outcome,” he said, adding that all the decisions made were his and that “I take ownership of them”.

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Starmer says he was ‘heavily focused’ on world affairs before U-turn on welfare bill

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Starmer says he was 'heavily focused' on world affairs before U-turn on welfare bill

Sir Keir Starmer has said he was “heavily focused” on world affairs before he was forced to U-turn on his welfare bill after rebellion by MPs.

In a piece in The Sunday Times, Sir Keir said he was occupied with the G7 and NATO summits and the escalating tensions in the Middle East for much of the past two weeks.

His “full attention really bore down” on the welfare bill on Thursday, he added.

It comes after the government was forced to U-turn on plans to cut sickness and disability benefits after significant rebellion by Labour MPs earlier this week.

The government has since offered concessions ahead of a vote in the Commons on Tuesday, including exempting existing Personal Independence Payment claimants (PIP) from the stricter new criteria, while the universal credit health top-up will only be cut and frozen for new applications.

Prime Minister Sir Keir Starmer. File pic: PA
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Prime Minister Sir Keir Starmer. File pic: PA

Sir Keir defended the U-turn by saying: “Getting it right is more important than ploughing on with a package which doesn’t necessarily achieve the desired outcome.”

He said all the decisions were his and that “I take ownership of them”.

More on Sir Keir Starmer

There have been reports that rebel MPs blamed Sir Keir’s chief of staff Morgan McSweeney for the government’s approach.

Read more:
This has been the PM’s most damaging U-turn yet
Is Starmer at the mercy of his MPs?

Sir Keir said: “My rule of leadership is, when things go well you get the plaudits; when things don’t go well you carry the can.

“I take responsibility for all the decisions made by this government. I do not talk about staff and I’d much prefer it if everybody else didn’t.”

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Is Starmer at the mercy of his MPs?

Sir Keir said on Saturday that fixing the UK’s welfare system is a “moral imperative”.

Speaking at Welsh Labour’s annual conference in Llandudno, North Wales, Sir Keir said: “Everyone agrees that our welfare system is broken, failing people every day.

“Fixing it is a moral imperative, but we need to do it in a Labour way, conference, and we will.”

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Hundreds of NHS quangos to be axed – as plans unveiled for health funding to be linked to patient feedback

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Hundreds of NHS quangos to be axed - as plans unveiled for health funding to be linked to patient feedback

NHS funding could be linked to patient feedback under new plans, with poorly performing services that “don’t listen” penalised with less money.

As part of the “10 Year Health Plan” to be unveiled next week, a new scheme will be trialled that will see patients asked to rate the service they received – and if they feel it should get a funding boost or not.

It will be introduced first for services that have a track record of very poor performance and where there is evidence of patients “not being listened to”, the government said.

This will create a “powerful incentive for services to listen to feedback and improve patients’ experience”, it added.

Sky News understands that it will not mean bonuses or pay increases for the best performing staff.

NHS payment mechanisms will also be reformed to reward services that keep patients out of hospital as part of a new ‘Year of Care Payments’ initiative and the government’s wider plan for change.

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Do you want AI listening in on chats with your doctor?

Speaking to The Times, chief executive of the NHS Confederation Matthew Taylor expressed concerns about the trial.

He told the newspaper: “Patient experience is determined by far more than their individual interaction with the clinician and so, unless this is very carefully designed and evaluated, there is a risk that providers could be penalised for more systemic issues, such as constraints around staffing or estates, that are beyond their immediate control to fix.”

He said that NHS leaders would be keen to “understand more about the proposal”, because elements were “concerning”.

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Health Secretary Wes Streeting said: “We will reward great patient care, so patient experience and clinical excellence are met with extra cash. These reforms are key to keeping people healthy and out of hospital, and to making the NHS sustainable for the long-term as part of the Plan for Change.”

In the raft of announcements in the 10 Year Health Plan, the government has said 201 bodies responsible for overseeing and running parts of the NHS in England – known as quangos – will be scrapped.

These include Healthwatch England, set up in 2012 to speak out on behalf of NHS and social care patients, the National Guardian’s Office, created in 2015 to support NHS whistleblowers, and the Health Services Safety Investigations Body (HSSIB).

The head of the Royal College of Nursing described the move as “so unsafe for patients right now”.

Professor Nicola Ranger said: “Today, in hospitals across the NHS, we know one nurse can be left caring for 10, 15 or more patients at a time. It’s not safe. It’s not effective. And it’s not acceptable.

“For these proposed changes to be effective, government must take ownership of the real issue, the staffing crisis on our wards, and not just shuffle people into new roles. Protecting patients has to be the priority and not just a drive for efficiency.”

Elsewhere, the new head of NHS England Sir Jim Mackey said key parts of the NHS appear “built to keep the public away because it’s an inconvenience”.

“We’ve made it really hard, and we’ve probably all been on the end of it,” he told the Daily Telegraph.

“The ward clerk only works nine to five, or they’re busy doing other stuff; the GP practice scrambles every morning.”

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