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US Treasury Secretary Sparks Talks on Digital Assets at APEC Summit

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.

READ MORE: Turkey Prepares Major Crypto Rulebook for 2024

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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