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

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