APEC Finance Ministers to Share Perspectives on Crypto at Meeting in San Francisco

APEC Finance Ministers to Share Perspectives on Crypto at Meeting in San Francisco – U.S. Treasury Secretary Janet Yellen expressed anticipation for insights from finance ministers in leading crypto-innovative nations during the weeklong Asia-Pacific Economic Cooperation (APEC) summit, commencing on Nov. 11 in San Francisco. 

While the pivotal moment will occur on Nov. 15 with the meeting between U.S. President Joe Biden and Chinese leader Xi Jinping, the finance ministers’ gathering holds significant importance within the overarching focus on the regional economy. During her opening speech at the finance ministers’ meeting on Nov. 13, U.S. Treasury Secretary Janet Yellen outlined the agenda, emphasizing discussions on “long-term-oriented” priority areas, with a strong focus on sustainability. 

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The sessions will delve into supply-side economics and digital assets, including unbacked crypto assets, stablecoins, and central bank digital currency, as highlighted by Yellen. “Sharing insights and engaging with the private sector has enabled us to deepen our collective understanding of the tools that policymakers can use to facilitate the responsible development and use of digital assets,” Yellen said. 

She added: “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 engaged in discussions with China’s senior economic official, He Lifeng, on November 9 and 10. 

Despite the effective ban on cryptocurrency trading in China since 2021, the country has emerged as a global leader in the development of central bank digital currency. Yellen’s viewpoints may differ from those expressed at the Nov. 13 meeting, given the perception that the Biden administration is not particularly supportive of crypto. 

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Moreover, Asia is often recognized for spearheading advancements in blockchain development, with significant progress observed in the realms of the metaverse, crypto trading, and adoption. APEC comprises 21 economies spanning Asia, North America, and South America. The inclusive membership model, accommodating economies rather than countries, enables the participation of Hong Kong and Taiwan without generating controversy. 

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