The Asia-Pacific Economic Cooperation (APEC) summit kicked off on November 11th in San Francisco, promising an eventful week of discussions and meetings.
While the anticipated meeting between United States President Joe Biden and Chinese leader Xi Jinping on November 15th captures the spotlight, the finance ministers’ gathering also holds significant importance within the organization.
U.S. Treasury Secretary Janet Yellen, addressing the finance ministers’ meeting on November 13th, outlined their agenda, emphasizing a focus on long-term priorities with a strong emphasis on sustainability.
Two key sessions are planned, one dedicated to supply-side economics and another to digital assets.
Yellen specifically highlighted unbacked crypto assets, stablecoins, and central bank digital currencies as topics of discussion.
Yellen expressed the importance of engaging with the private sector to gain a deeper understanding of the tools that policymakers can utilize to ensure the responsible development and utilization of digital assets.
She invited perspectives on the role of digital assets and blockchain technologies in financial systems and inquired about regulatory oversight strategies.
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In the lead-up to the summit, Yellen had a meeting with top Chinese economic official He Lifeng on November 9th and 10th. It’s worth noting that China has effectively banned cryptocurrency trading since 2021 but has emerged as a global leader in central bank digital currency development.
The perspectives shared during the November 13th meeting may diverge from Yellen’s own stance, as the Biden administration is generally perceived as cautious or less favorable toward cryptocurrencies.
Meanwhile, many view Asia as taking the lead in blockchain development, with notable advancements in the metaverse, cryptocurrency trading, and adoption across various Asian economies.
APEC comprises 21 Pacific-region “economies” spanning Asia, North America, and South America.
Its unique membership structure accommodates economies rather than countries, enabling participation from entities like Hong Kong and Taiwan without generating controversy.
Notably, Ripple played a significant role as a diamond-level sponsor of the summit, underscoring the growing influence of blockchain and digital assets in the global economic landscape.
In summary, the APEC summit’s finance ministers’ meeting underscores the growing importance of digital assets and sustainability in the regional economy.
While the U.S. and China differ in their approaches to cryptocurrency, the summit provides a platform for dialogue and collaboration among diverse economies seeking to navigate the evolving financial landscape.
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