US Treasury Secretary Janet Yellen plans to discuss crypto assets at an annual meeting between economic leaders of Asia-Pacific countries.
The 30th annual meeting between the finance ministers of the Asia-Pacific Economic Cooperation (APEC) countries is currently taking place in San Francisco.
APEC is a regional economic forum established in 1989 to promote trade and economic integration in the Pacific.
In her opening remarks on Monday, Yellen said ministers plan to discuss the regulation of “unbacked crypto assets,” stablecoins and central bank digital currencies (CBDCs).
“We specifically examined the potential benefits and challenges of these innovative financial instruments and approaches to maintaining high regulatory standards. Today 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 oversee their development and use. ”
APEC member economies include Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand and the US. and Vietnam.
In an interview at the G20 meeting in February, Yellen said the US is “working with other governments” on crypto regulation.
“We have not proposed to completely ban crypto activities, but it is crucial to put in place a strong regulatory framework.”
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