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King Charles II has approved the appointment of Member of Parliament Bim Afolami to the position of economic secretary to the Treasury of the United Kingdom.<\/p>\n
In a Nov. 13 notice, the U.K. government said Afolami was one of several appointments in restructuring ministers and secretaries. As economic secretary, he will control many policies affecting the adoption of digital assets and central bank digital currencies in the United Kingdom. <\/p>\n
Under U.K. Prime Minister Rishi Sunak, former Economic Secretary Andrew Griffith promoted policies turning the country into a crypto hub, including the introduction of stablecoins. Griffith has been appointed the next minister of state in the Department for Science, Innovation and Technology.<\/p>\n
The self-regulatory trade association CryptoUK said it\u00a0plans<\/a>\u00a0to brief Afolami on how crypto could potentially contribute to the U.K. economy as well as other challenges in the sector. Afolami met with senior figures from Coinbase in June 2022, saying at the time they discussed the regulatory environment and that it was \u201cvitally important\u201d to have an \u201cappropriate regulatory regime\u201d for certain financial services. <\/p>\n \u201cWe look forward to working with Bim Afolami as the new Economic Secretary and as the UK government continues to deliver on its ambitions of cementing the UK as a leading global hub for cryptoassets and blockchain technology,\u201d said a CryptoUK spokesperson. \u201cWe strongly believe that the right regulatory and competitive market can benefit both businesses and consumers.\u201d<\/p>\n We look forward to working with new EST @BimAfolami<\/a> to help realise the government’s ambition to make the UK a global #cryptoasset<\/a> #technology<\/a> hub. We will brief Bim on our sector’s contributions to the UK economy & ongoing challenges, including #financialpromotions<\/a> & #debanking<\/a>. pic.twitter.com\/GyEWBgawZd<\/a><\/p>\n\n