FameEX Hot Topics | APEC Finance Ministers to Exchange Views on Cryptocurrency During San Francisco Meeting

U.S. Treasury Secretary Janet Yellen expressed anticipation for discussions with finance ministers from some of the world's most crypto-innovative nations during the weeklong Asia-Pacific Economic Cooperation (APEC) summit, commencing on November 11 in San Francisco. While the summit's highlight will likely be the meeting between United States President Joe Biden and Chinese leader Xi Jinping on November 15, the finance ministers' gathering also holds significant importance within the event's focus on the regional economy.

Addressing the finance ministers' meeting on November 13, Yellen outlined the agenda, highlighting a focus on "priority areas oriented toward the long-term," with a strong emphasis on sustainability. Additionally, they plan to conduct sessions dedicated to supply-side economics and digital assets. Yellen specifically mentioned unbacked crypto assets, stablecoins, and central bank digital currencies.

Yellen stressed the importance of collaboration and dialogue with the private sector to enhance policymakers' understanding of tools facilitating the responsible development and use of digital assets. She expressed eagerness to hear the finance ministers' perspectives on the long-term roles of digital assets and blockchain technologies in their respective financial systems, as well as their plans for regulatory oversight of these technologies.

Yellen had previously met with He Lifeng, a top Chinese economic official, on November 9 and 10. Despite China's effective ban on cryptocurrency trading since 2021, the nation has emerged as a global leader in central bank digital currency development. The diverse perspectives Yellen encounters at the November 13 meeting may contrast with the Biden administration's relatively cautious stance on cryptocurrencies, as Asia leads the way in blockchain development. Asian economies have made significant advancements in areas such as the metaverse, cryptocurrency trading, and adoption.