Bim Afolami has been assigned as the new economic secretary to the Treasury in the United Kingdom, a position that involves overseeing policies related to cryptocurrencies and central bank digital currencies (CBDCs).

This appointment was part of a recent cabinet reshuffle by Prime Minister Rishi Sunak on Tuesday.

Afolami steps into the role previously held by Andrew Griffith.

During his term, Griffith aimed to establish the UK as a leader in the cryptocurrency sector.

This ambition remained steadfast despite the notable collapse of the crypto exchange FTX (CRYPTO: FTT).

Griffith played a pivotal role in advancing the Financial Services and Markets Bill, which enhanced regulatory control over the cryptocurrency industry.

In 2022, Afolami engaged with leaders from the cryptocurrency exchange Coinbase Inc. (NASDAQ:COIN), focusing on the financial services sector.

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Emphasizing the significance of this sector on his website, Afolami stated, "It is vitally important that we have an appropriate regulatory regime for financial services."

The reshuffle also saw changes in other key positions.

Suella Braverman was replaced as Home Secretary by James Cleverly.

In a surprising move, former Prime Minister David Cameron took over Cleverly's previous role as foreign secretary. Additionally, Andrew Griffith transitioned to a new role as minister of state for the Department for Science, Innovation, and Technology.

This newly formed department is set to oversee the country's strategies for the emerging metaverse. The next general election, which the cabinet reshuffle precedes, is scheduled to take place by 2025.

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