Asia-Pacific Economic Cooperation Summit Kicks Off
The Asia-Pacific Economic Cooperation (APEC) summit started on Nov. 11 in San Francisco, with a focus on the regional economy. The meeting of finance ministers is a key part of the event, with U.S. Treasury Secretary Janet Yellen highlighting priority areas that are oriented toward long-term sustainability.
Yellen emphasized that discussions will cover supply-side economics and digital assets, including unbacked crypto assets, stablecoin, and central bank digital currency. She expressed the importance of engaging with the private sector to understand the tools policymakers can use to facilitate the responsible development and use of digital assets.
Yellen said, “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.”
She also met with top Chinese economic official He Lifeng ahead of President Joe Biden’s meeting with Chinese leader Xi Ping on Nov. 15.
China’s Role in Digital Currency Development
Despite banning cryptocurrency trading in 2021, China has been a global leader in central bank digital currency development.
Hot Take: APEC Summit Highlights Focus on Digital Assets
The APEC summit has shed light on the growing importance of digital assets and blockchain technologies in shaping future financial systems. With discussions centered around sustainability and regulatory oversight, it’s evident that policymakers are taking a proactive approach to understanding and leveraging these emerging technologies for long-term economic growth.
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