APEC finance minister to share views on cryptocurrencies at San Francisco meeting

The week-long Asia-Pacific Economic Cooperation (APEC) summit opened in San Francisco on November 11. Janet Yellen, the US Treasury Secretary, stated during her opening remarks at the finance ministers meeting on November 13 that they will discuss "priority areas for the long term," with a focus on sustainability. They will also hold a meeting specifically to discuss supply-side economics and another meeting specifically to discuss digital assets. Yellen specifically mentioned unsecured crypto assets, stablecoins, and central bank digital currencies.

Yellen stated: "Sharing insights and partnering with the private sector allows us to deepen our collective understanding of the tools policymakers can use to promote responsible development and use of digital assets."

She added: "I look forward to hearing your thoughts on the long-term role that digital assets and blockchain">blockchain technology can play in our respective financial systems, as well as how authorities plan to regulate their development and use."

It is reported that APEC is composed of 21 "economies" in the Asia-Pacific region of Asia, North America, and South America. Membership is open to economies rather than countries, and Ripple is the main (diamond-level) sponsor of this summit.