UK Appoints New Economic Secretary to the Treasury
The United Kingdom has appointed Member of Parliament Bim Afolami as the new economic secretary to the Treasury, as part of a restructuring ministers and secretaries. In this role, Afolami will oversee policies impacting the adoption of digital assets and central bank digital currencies in the UK.
Under Prime Minister Rishi Sunak, former Economic Secretary Andrew Griffith promoted policies aimed at turning the country into a crypto hub, including the introduction of stablecoins. Griffith has now been appointed as the next minister of state in the Department for Science, Innovation and Technology.
CryptoUK, a self-regulatory trade association, plans to brief Afolami on how crypto could contribute to the UK economy and address challenges in the sector. Afolami has previously met with senior figures from Coinbase to discuss the regulatory environment for financial services.
A CryptoUK spokesperson expressed optimism about working with Afolami and the UK government’s ambitions to establish the UK as a leading global hub for cryptoassets and blockchain technology.
Impact of Government Shake-up
The UK government’s recent restructuring comes as it continues to address policies related to artificial intelligence, financial technology, and the metaverse through regulation, enforcement actions, and investigations. These changes are taking place ahead of the next general election in the UK, expected before 2025.
Hot Take
The appointment of Bim Afolami as the new economic secretary to the Treasury signals a continued focus on shaping policies related to digital assets and cryptocurrencies in the United Kingdom. With previous experience in discussing regulatory environments for financial services, Afolami’s leadership may play a crucial role in advancing the UK’s position as a global hub for cryptoassets and blockchain technology.
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