The week-long Asia-Pacific Economic Cooperation (APEC) summit began on November 11 in San Francisco. The highlight of the event will surely take place on the sidelines, when US President Joe Biden and Chinese leader Xi Ping meet on November 15. But as the organization focuses on the regional economy, the meeting of finance ministers is also of primary importance.
US Treasury Secretary Janet Yellen saying In his opening speech at the finance ministers’ meeting on November 13, he said they will discuss “priority areas (that) are oriented towards the long term”, with a strong emphasis on sustainability. They will also hold a session dedicated to supply-side economics and another to digital assets. Yellen specifically mentioned unbacked cryptoassets, stablecoins, and central bank digital currency.
“Sharing ideas and collaborating with the private sector has allowed us to deepen our collective understanding of the tools that policymakers can use to facilitate the responsible development and use of digital assets,” Yellen said. She added:
“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, as well as how your authorities plan to address regulatory oversight of their development and use.”
Yellen met with China’s top economic official, He Lifeng, on November 9-10. While cryptocurrency trading has been effectively banned in China since 2021, the country has taken a global leadership role in the development of central bank digital currency.
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The perspectives Yellen will hear at the Nov. 13 meeting may be at odds with her own position, as the Biden administration is seen as not very favorable to cryptocurrencies, and Asia is seen by many as taking the lead in developing cryptocurrencies. blockchain. Asian economies have made notable progress in the metaverse, cryptocurrency trading, and adoption.
I had the honor of hosting APEC finance ministers at the California Academy of Sciences. It is personally meaningful to welcome you to the San Francisco Bay Area, which I consider a second home. pic.twitter.com/pBYiVhrxAd
— Secretary Janet Yellen (@SecYellen) November 13, 2023
APEC is made up of 21 “economies” of the Pacific region in Asia, North America and South America. Membership is open to economies rather than countries to allow Hong Kong and Taiwan a seat at the table without controversy. Ripple was a major (diamond level) sponsor of the summit.
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