US Treasury Secretary Sparks Talks on Digital Assets at APEC Summit
At the current annual gathering of financial leaders from the Asia-Pacific region in San Francisco, US Treasury Secretary Janet Yellen is steering conversations toward the realm of digital assets.
The meeting, a convergence of finance ministers representing countries within the Asia-Pacific Economic Cooperation (APEC) forum, is a platform formed in 1989 with the aim of bolstering economic collaboration across the vast Pacific landscape.
In her opening statements, Yellen pinpointed the core discussion topics: the regulation of “unsecured crypto-assets,” stablecoins, and CBDCs. She emphasized the need to delve into the potential merits and hurdles posed by these modern financial instruments.
Yellen expressed a keen interest in understanding the envisioned roles of blockchain technologies and digital assets within the financial systems of member nations, while also inquiring about each country’s strategies regarding regulatory oversight.
APEC consists of diverse economies, including Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the US, and Vietnam.
During a prior interview at the G20 gathering in February, Yellen highlighted ongoing collaborative efforts between the US and other governments regarding crypto regulations.
While advocating against an outright prohibition on crypto activities, she emphasized the imperative need for a robust and comprehensive regulatory framework.