Janet Yellen Says ‘Unbacked Crypto Assets’ To Be Discussed at APEC Summit in San Francisco

US Treasury Secretary Janet Yellen plans to discuss crypto assets at an annual meeting between economic leaders of Asian and Pacific countries.

The 30th annual meeting between finance ministers of Asia-Pacific Economic Cooperation (APEC) countries is currently ongoing in San Francisco.

APEC is a regional economic forum established in 1989 to promote trade and economic integration across the Pacific.

In her introductory remarks on Monday, Yellen says the ministers plan to discuss the regulation of “unbacked crypto-assets,” stablecoins, and central bank digital currencies (CBDCs).

“We’ve specifically explored the potential benefits and challenges of these innovative financial tools and approaches to maintaining high regulatory standards. Today, 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 approach regulatory oversight of their development and use.”

APEC member economies include 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 at the G20 meeting back in February, Yellen said the US was “working with other governments” on crypto regulation.

“We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework.”

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