The Hitchin and Harpenden member of parliament, Bim Afolami, was named economic secretary to the U.K. Treasury on Monday. In this capacity, he will oversee policy related to cryptocurrency and central bank digital currency (CBDC).
Andrew Griffith, who had expressed a desire for the nation to serve as a centre for cryptocurrency even after FTX collapsed, is replaced by Afolami. During his tenure, Griffith also contributed to the passage of the Financial Services and Markets Bill, which increased regulatory authority over cryptocurrency.
Afolami met with Coinbase executives last year to talk about the state of the financial services industry. “It is vitally important that we have an appropriate regulatory regime for financial services,” he wrote on his website.
In preparation for the upcoming general election, which must take place by 2025, Prime Minister Rishi Sunak has been reorganising his cabinet. James Cleverly, who was abruptly replaced as foreign secretary by former prime minister David Cameron, took over as home secretary on Monday following the dismissal of Suella Braverman.
After the Department of Science, Innovation, and Technology was established earlier this year, Griffith was appointed minister of state. That division will be in charge of the nation’s metaverse policy.