US Treasury Secretary Janet Yellen plans to debate crypto belongings at an annual assembly between financial leaders of Asian and Pacific international locations.
The 30th annual meeting between finance ministers of Asia-Pacific Financial Cooperation (APEC) international locations is at the moment ongoing in San Francisco.
APEC is a regional economic forum established in 1989 to advertise commerce and financial integration throughout the Pacific.
In her introductory remarks on Monday, Yellen says the ministers plan to debate the regulation of “unbacked crypto-assets,” stablecoins, and central financial institution digital currencies (CBDCs).
“We’ve particularly explored the potential advantages and challenges of those revolutionary monetary instruments and approaches to sustaining excessive regulatory requirements. Immediately, I sit up for listening to your views on the long-term function that digital belongings and blockchain applied sciences can play in our respective monetary techniques, in addition to how your authorities plan to method regulatory oversight of their improvement and use.”
APEC member economies embrace 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.
In an interview on the G20 assembly again in February, Yellen said the US was “working with different governments” on crypto regulation.
“We haven’t instructed outright banning of crypto actions, however it’s important to place in place a powerful regulatory framework.”
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