Finance Ministers from APEC Nations to Share Crypto Insights in San Francisco

cryptonews.com:

The Asia-Pacific Economic Cooperation (APEC) summit has drawn global attention to discussions on regional economic cooperation, including crypto regulations. 

The event, which commenced on November 11 in San Francisco, saw the finance ministers’ meeting on November 13, where U.S. Treasury Secretary Janet Yellen delivered an opening speech. 

In her speech, Yellen highlighted the focus on long-term priorities and sustainability, according to  written remarks prepared for delivery . 

Of particular significance was the discussion on digital assets, with specific attention given to unbacked crypto assets, stablecoins, and central bank digital currencies.

Yellen emphasized the importance of sharing insights and engaging with the private sector to enhance policymakers’ understanding of tools that facilitate responsible development and usage of digital assets. 

“I look forward to hearing your perspectives on the long-term role that digital assets and blockchain technologies can play in our respective financial systems, as well as how your authorities plan to approach regulatory oversight of their development and use.”

Yellen’s recent meeting with Chinese economic official He Lifeng on November 9 and 10 adds further intrigue to the discussion on digital assets. 

While China has effectively banned cryptocurrency trading since 2021, the country has emerged as a global leader in the development of central bank digital currencies.

However, the perspectives shared at the November 13 meeting may differ from Yellen’s own stance, as the Biden administration is generally perceived as less favorable toward cryptocurrencies. 

Many regard Asia as taking the lead in blockchain development, with Asian economies making notable strides