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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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The final head-to-head

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The final head-to-head

This is day 35 of the campaign. Jack and Sam discuss Rishi Sunak and Sir Keir Starmer going head-to-head in the final live TV debate.

They also take a look at how the two leaders have fared throughout the campaign so far, the Gamblegate story that won’t die, and Reform going big on Net Zero – parliament’s next big battle.

👉 Tap here to follow Politics at Jack and Sam’s wherever you get your podcasts 👈

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Election 2024: I spent a week travelling on night buses to see a view of the UK politicians don’t

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Election 2024: I spent a week travelling on night buses to see a view of the UK politicians don't

There is a rhythm to a night at the Bolton Interchange.

People dart from arriving buses, racing across the concourse to catch departing ones. Sometimes they do, sometimes they don’t. Each rush is followed by a brief lull.

Every night, hundreds of lives intersect at the Bolton Interchange. The night-shift workers and commuters, those out on the town and those just a little bit lost.

Each one has their own story, some are happy to chat, most lose themselves in whatever is playing through their headphones.

I spent a week on the night buses. With the election looming, what the politicians are experiencing on their campaign battle buses is not what ordinary people are seeing. Theirs is a very different perspective.

Sky News's Greg Milam spoke to passengers on night buses
Image:
Sky News’s Greg Milam spoke to passengers on night buses

There is an unmistakeable despair about the state of the country, an indifference to what the political process might do about it and a dark humour about the future. There are very few flickers of optimism.

From the bus-spotter who says the country needs “a good clean”, to those who yearn for a Britain of a different age, to Pete, the elderly bluegrass guitarist heading for an open-mic night.

What does he think of Britain today? “Me and 50 mates are going to go to Lake Windermere to take a s*** in the water. We’ll see if they do anything to stop us, because they don’t seem to be stopping the water companies.”

It is just one of the many raw expressions of the frustration and hopelessness that I hear. As Carl, the night supervisor at the interchange, says: “Late shifts are different here. It is a real eye-opener.”

Sophia Talbot

‘Vote? I just can’t be bothered’

With her shock of white hair and ankle-length peach quilted coat, Sophia Talbot is hard to miss as she jogs across the interchange concourse. She turned 80 a few weeks ago but is still working full-time. She is taking the 125 bus home after completing filming in Bolton as an extra on the TV drama, Waterloo Road.

Sophia: The country is a mess. When I first came to Bolton 21 years ago it was a really nice place and now it’s all run down and boarded up and I think that speaks for everywhere.

Every time I go to the supermarket, I seem to get less for my money. I can drive but I can’t afford a car so that’s why I take the bus.

I do the extras work for a bit of extra money. Extra extra money, I call it.

I don’t think I’ll last long enough to see things in this country change for the better. It will take a long time for that to happen because it has gone down too far.

I probably won’t even vote. I didn’t last time or the time before if I remember right. I just can’t be bothered, and I know that’s not good because if you don’t do it, you can’t blame anybody but yourself, can you?

‘I’m treated as third class, common muck’

It is just after 8pm, still light on this early summer evening, and Janey Fairhurst is passing through the interchange on her way from Bury to Wigan, after spending the day with a bereaved friend. She lost her job in medical research in November and, after 10 interviews, is still searching for work.

Janey: My life is drastically different to what it was. There are just not enough jobs. There are jobs down South but I feel the North gets forgotten about quite a lot when it comes to politics. Maybe they need to remember that we started the industrial revolution and they wouldn’t be here if it weren’t for that so maybe give the North some more funding and more jobs.

The empire is over, Britain has just crumbled, it has been going in the wrong direction for a long time and there’s no trust between the people and the politicians.

When I was in work I felt like I was winning. I could buy the Tropicana instead of Tesco’s own brand orange juice. You don’t really think about the politics of it all when you’ve got the money.

Now, I feel like I’m treated as third class, common muck and I’m not. I come from a good family. I feel frustrated, angry, sad, belittled, in a way – judged. I worked so hard to get where I was and now I can’t get back into it.

Another night bus rider

‘The cost of living has put a lot on people’

Three buses in the morning and three more in the evening are the routine of Saila Shabir’s working life. From her home in Great Lever to her job in Manchester, she says her time spent travelling has given her perspective on the value of community and the state of the country.

Saila: I think it wouldn’t do any harm for everyone to get on the night bus and experience life from this side of things. It might not be their cup of tea but it is a way to understand what people are saying and doing.

I find it uplifting travelling on the bus in the evening because you get to see people from all sorts of backgrounds. It is amazing, really, and it opens your mind that there’s huge prospects and a really expansive community that we could all bring together under one roof.

I’m not going to say I’m despairing but the cost of living has put a lot on people. People need to work together, we can’t just rely on one set of people to do it all. I am hopeful because I do trust the right people will do the job properly. I do see the darker side of life on the buses sometimes but you need the dark to see the light.

Rick Conlon

‘I have never known this country in such a state’

From his blue suede boots to his embroidered collar, Rick Conlon is dressed for a night on the town. It is 11pm and he is making his way home to Rochdale. At 6ft4in with a shaved head, it’s easy to see why he’s well known in local boxing circles. He is jovial despite despairing of Britain today.

Rick: I’m 58 and I’m not political particularly but I have never known this country in such a state. I just think it’s really tough at the moment. I know inflation has come down but there’s a lot of people far worse off than me struggling for food and the basic necessities.

We’re the fifth-richest country in the world, I find it incredible. When I was 16, 17, 18, in Margaret Thatcher’s time, 1981 and 1982, with all that political and social unrest, the country was still a better country. We had massive unemployment but the country was still a better country. People were looked after.

There’s that old saying about how you can judge a country by how it looks after its elderly. It’s just ridiculous how little they’re paid and how little they’re thought of.

If there’s one thing that makes me optimistic, bus fares make me optimistic. Two pounds – you can’t argue with that. Even then they’re probably subsidised but that’s great, because this is a great country, it’s just the government letting us down.

Muj Malik

‘If it was up to me, I’d move country’

Muj Malik is travelling home with his partner Tabitha and five-month-old son, Zair, after another exhausting day searching for a new family home. They have faced months of frustration on growing council house waiting lists and, they say, see countless videos on TikTok from other young families in the same situation.

Muj: Things are not good in this country. My grandma moved here from Pakistan and my mum was born here so I’m third generation but, if it was up to me, I’d move country. I don’t want to live here for the rest of my life. I don’t see the point because the country is just going sideways.

At the end of the day, I’ve got a mixed-race baby, I grew up in a predominantly white area. I like the country and the people and I know there are people far worse off than us. But you’ve got war veterans from this country, people who have gone to war for this country, they’ve put their lives on the line, they’ve lost friends, and you’ve got them sitting outside of Asda homeless with no help whatsoever.

This country is fading miserably. I like the people, it’s not about the people, it’s about the way the country is run.

If you want to watch our special report on Sky News you can tune in at 10.30am, 12.30pm, 2.30pm, 4.30pm, 6.30pm and 8pm.

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Man arrested over unsolicited messages sent to MPs and others in Westminster honeytrap scandal

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Man arrested over unsolicited messages sent to MPs and others in Westminster honeytrap scandal

A man has been arrested as part of the police investigation into the Westminster honeytrap scandal.

The Metropolitan Police said they arrested a man in Islington, north London, on Wednesday on suspicion of harassment and offences under the Online Safety Act.

Multiple victims were informed by the police shortly afterwards.

Earlier this year, at least 12 men in political circles received unsolicited, flirtatious WhatsApp messages from people calling themselves “Charlie” or “Abi”, Scotland Yard said.

Explicit images were exchanged in some instances.

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A Met Police spokesman said: “On Wednesday, 26 June, police executed a warrant at an address in Islington.

“A man was arrested on suspicion of harassment and committing offences under the Online Safety Act. He was taken into custody where he remains.

“The arrest relates to an investigation being carried out by the Met’s parliamentary liaison and investigation team following reports of unsolicited messages sent to MPs and others.

“The investigation remains ongoing.”

The man who has been arrested is understood to be in his mid-20s.

Read more:
Car crashes into PM’s Chequer’s country estate
Conservatives withdraw support for two candidates over betting scandal

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Tory MP targeted in honeytrap sexting scam

Conservative Dr Luke Evans first reported the “honeytrap”, revealing he was approached in March by two different numbers on WhatsApp “who purported to know me”.

He said he was the victim of cyber flashing and malicious communications “and blew the whistle by reporting it to the police and the parliamentary authorities as soon as this happened”.

William Wragg. Pic: PA/UK Parliament
Image:
William Wragg. Pic: PA/UK Parliament

Then-senior Conservative William Wragg stepped down from the party when the scandal erupted in April after he admitted sharing other politicians’ personal numbers to someone he met on a dating app who threatened to release compromising information and pictures he had sent them.

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