US Treasury Secretary to Discuss Crypto Assets at APEC Summit
Janet Yellen, the US Treasury Secretary, is set to address crypto assets at the 30th annual meeting between finance ministers of Asia-Pacific Economic Cooperation (APEC) countries in San Francisco. APEC is a regional economic forum created in 1989 to promote trade and economic integration across the Pacific.
During her opening remarks, Yellen stated that the ministers will discuss the regulation of “unbacked crypto-assets,” stablecoins, and central bank digital currencies (CBDCs). She emphasized the importance of exploring the potential benefits and challenges of these innovative financial tools and maintaining high regulatory standards.
The APEC member economies include Australia, Canada, China, Japan, South Korea, the US, and others. Yellen previously mentioned that the US is collaborating with other governments on crypto regulation and aims to establish a strong regulatory framework without outright banning crypto activities.
Hot Take
Yellen’s focus on addressing unbacked crypto assets at the APEC summit demonstrates growing international efforts to regulate and understand the impact of digital assets on financial systems. As discussions continue, it is essential for governments to collaborate on establishing comprehensive regulatory oversight for these evolving technologies.
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