Janet Yellen to Discuss Crypto Assets and Regulation at APEC Meeting

Introduction

US Treasury Secretary Janet Yellen plans to discuss crypto assets at the 30th annual meeting between finance ministers of Asia-Pacific Economic Cooperation (APEC) countries. APEC is a regional economic forum established in 1989 to promote trade and economic integration across the Pacific.

Discussion Topics

During her introductory remarks, Yellen highlighted the topics that will be discussed, including the regulation of 'unbacked crypto-assets,' stablecoins, and central bank digital currencies (CBDCs). She expressed the importance of exploring the potential benefits and challenges of these financial tools and approaches, as well as maintaining high regulatory standards.

Perspectives and Regulatory Oversight

Yellen expressed her interest in hearing the perspectives of the APEC member economies on the long-term role of digital assets and blockchain technologies in their respective financial systems. She also mentioned the need to understand how authorities plan to approach regulatory oversight of the development and use of these technologies.

Collaboration on Crypto Regulation

Yellen mentioned that the US is working with other governments on crypto regulation. While the US has not suggested an outright ban on crypto activities, Yellen emphasized the importance of establishing a strong regulatory framework.

Conclusion

The discussion on crypto assets at the APEC meeting reflects the growing recognition of the significance of digital assets and blockchain technologies in the global financial landscape. Yellen's call for collaboration and regulatory oversight highlights the need for a balanced approach to harness the potential benefits while mitigating risks. As the meeting progresses, it will be interesting to see how the APEC member economies address these issues and contribute to shaping the future of digital finance.