TechFlow reports that Bim Afolami, Member of Parliament for Hitchin and Harpenden, was appointed as Economic Secretary to the UK Treasury on Monday, a role that includes responsibility for cryptocurrency and central bank digital currency (CBDC) policy.
Afolami succeeds Andrew Griffith, who previously expressed ambitions for the UK to become a cryptocurrency hub despite the collapse of crypto exchange FTX.
During his tenure, Griffith helped pass the Financial Services and Markets Bill, which grants regulators greater authority in the cryptocurrency sector.
Last year, Afolami met with executives from cryptocurrency exchange Coinbase to discuss the financial services landscape. "It is crucial that we have the right regulatory framework in place for financial services," he wrote on his personal website. Prime Minister Rishi Sunak is reshuffling his cabinet in preparation for the next general election, which must be held by 2025.
On Monday, Home Secretary Suella Braverman was dismissed and replaced by James Cleverly, who in turn unexpectedly swapped roles with former Prime Minister David Cameron, becoming Foreign Secretary.
