King Charles II Appoints Bim Afolami as Economic Secretary to Steer UK's Crypto Policies
Summary:
UK Member of Parliament Bim Afolami has been designated by King Charles II to serve as the Economic Secretary to the Treasury. In his pivotal role, Afolami will oversee policies influencing the integration of digital assets and central bank digital currencies in the UK. This appointment is part of the government's restructuring activities aimed at solidifying the UK's role as a leading center for crypto assets and blockchain technology.
In a recent announcement, it has been confirmed that Bim Afolami, a Member of Parliament, has been sanctioned by King Charles II to assume the role of Economic Secretary to the Treasury within the UK. This comes as part of a series of reshuffling initiatives for secretaries and ministers, announced on November 13 by the UK government. In his new role, Afolami will steer crucial policies that influence the incorporation of digital assets and central bank digital currencies within the nation.
With UK Prime Minister Rishi Sunak at the helm, the role of Economic Secretary was previously held by Andrew Griffith, who spearheaded initiatives to transform the UK into a hub for cryptocurrency, inclusive of implementing stablecoins. With the reshuffling, Griffith is slated to become the upcoming Minister of State in the Department for Science, Innovation and Technology.
CryptoUK, the autonomous trade association, has stated its intent to acquaint Afolami regarding the potential contributions of cryptocurrency to the UK economy, as well as the complications present in the industry. Earlier in June 2022, Afolami had discussions with high-level officials from Coinbase, where they conversed about the importance of adequate regulatory frameworks for specific financial services.
"We are eager to collaborate with Bim Afolami in his new capacity as the Economic Secretary, as the UK government strives to solidify the UK's standing as a prominent international hub for cryptocurrency assets and blockchain technology," noted a spokesperson from CryptoUK.
Related: UK authorities now have the power to seize Bitcoin connected to criminal activities
The UK government has been actively tackling policies related to financial technology, artificial intelligence, and metaverse by deploying regulations, enforcement measures, and conducting probes. This recent changing of guards within Prime Minister Sunak’s government precedes the forthcoming UK general elections, which are predicted to be held no later than 2025.
Published At
11/14/2023 4:30:00 PM
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