UK Cabinet Reshuffle Gives Bim Afolami Responsibility for Crypto, CBDC, Replacing Griffith

His predecessor, Andrew Griffith, will head up the Department for Science, Innovation and Technology.

AccessTimeIconNov 14, 2023 at 9:37 a.m. UTC
Updated Nov 14, 2023 at 12:10 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bim Afolami, the member of parliament for Hitchin and Harpenden, was appointed economic secretary to the U.K. Treasury on Monday, a role that includes responsibility for crypto and central bank digital currency (CBDC) policy.

Afolami replaces Andrew Griffith, who had said he wanted the country to be a crypto hub despite the collapse of crypto exchange FTX. Griffith also helped see through the Financial Services and Markets Bill that gave regulators more power over crypto during his tenure.

Last year, Afolami met with executives from crypto exchange Coinbase to discuss the financial services environment. "It is vitally important that we have an appropriate regulatory regime for financial services," he wrote on his website.

Prime Minister Rishi Sunak has been reshaping his cabinet ahead of the next general election, which must be held by 2025. On Monday, Home Secretary Suella Braverman was fired and replaced by James Cleverly, who was himself unexpectedly replaced as foreign secretary by former Prime Minister David Cameron.

Griffith became minister of state for the Department for Science, Innovation and Technology, formed earlier this year. That department will handle the country's metaverse strategy.

UPDATE (Nov. 14, 12:10 UTC): Replaces lead photo

Edited by Sheldon Reback.



Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about