Presumably does nothing in regards to social media? Kids easily come across weird enough stuff on YouTube these days (elsagate..) not to mention twitter / reddit being full of porn.
Encouraging tech illiterate people to enter ID / CC details on shady websites sounds like a disaster waiting to happen even when you ignore the other more glaring issues surrounding the government and these sort of things in the past
They already paid MindGeek to go ahead with this kind of thing once, so who knows if the government is actually serious or if a minister just saw it as a convenient time to kill two birds with one stone by wasting some public money and distracting from Boris' ongoing scandals