The UK Cabinet Reshuffle Appoints Bim Afolami in Charge of Crypto and CBDC Dismissing Griffith
The Department of Science, Innovation, and Technology will now be led by Andrew Griffith, who served as secretary under him.
Hitchin and Harpenden MP Bim Afolami was named Britain’s next economic secretary on Monday, a position that gives him oversight of the country’s cryptocurrency and central bank digital currency (CBDC) policies.
Afolami takes over for Andrew Griffith, who despite the failure of the cryptocurrency exchange FTX, had stated his desire for the nation to become a crypto center. Under Griffith’s leadership, a bill that would have given governments additional authority over cryptocurrencies, the Financial Services and Markets Act, was passed into law.
Afolami met with Coinbase’s management last year to talk about the state of the financial services industry. According to what he wrote on his website, “it is very important that we have the right rules for financial services.”
The next national election is scheduled for 2025, thus Prime Minister Rishi Sunak has begun reorganizing his government in preparation. On Monday, British Prime Minister David Cameron abruptly replaced Home Secretary Suella Braverman with James Cleverly, who had previously served as foreign secretary.
When the Department of Science, Innovation, and Technology was established earlier this year, Griffith was appointed as its minister of state. The nation’s metaverse strategy will be managed by that agency.
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