APEC Summit Spotlight: Focus on Digital Assets and Asia Leading Blockchain Innovation
Summary:
The Asia-Pacific Economic Cooperation (APEC) summit kicked off in San Francisco, with a notable focus on digital assets. During the finance ministers' assembly, U.S. Treasury Secretary Janet Yellen highlighted the importance of sustainability and voiced curiosity about the long-term implications of digital assets and blockchain technologies on financial systems. The administrative stance of President Biden's administration towards crypto, which is seen as lukewarm, may contrast with the responses she gets, as Asia is perceived as leading in blockchain innovation.
The Asia-Pacific Economic Cooperation (APEC) summit, a weeklong event, kickstarted on November 11 in San Francisco. The critical point of the event is expected to be an off-the-record meeting between US President Joe Biden and Chinese leader Xi Ping scheduled for November 15. However, the organization's core focus on the regional economy firmly positions the finance ministers' assembly as equally significant.
In her initial address at the finance ministers' assembly on November 13, U.S. Treasury Secretary Janet Yellen stated a primary focus on extensive lasting solutions, particularly those concerning sustainability. There are plans to undertake a dedicated meeting on supply-side economics and a separate one discussing digital assets, including unbacked crypto-assets, stablecoin, and central bank digital currency specifically.
Yellen expressed her anticipation to hear varied viewpoints on the pivotal role digital assets and blockchain technologies could potentially play in long-term financial systems. At the same time, she is interested in understanding authorities' strategies for regulatory supervision over their growth and usage.
Just before this summit, Yellen exchanged thoughts with China's leading economic representative, He Lifeng, on November 9 and 10. Even though cryptocurrency trading encounters an operational prohibition in China since 2021, the nation has nonetheless claimed a leading status in molding the development of central bank digital currency.
It's critical to mention that Yellen's perspectives may contrast with the insights she may receive in the ongoing meeting because many in the industry perceive President Biden's administrative stance on crypto as lukewarm, with Asia seemingly taking the primary role in blockchain innovation. Asian economies have shown substantial advancements in the metaverse, crypto trading, and adoption.
APEC's member composition totals 21 Pacific-region economies across Asia, North America, and South America, with membership criteria based on economies rather than countries to accommodate Hong Kong and Taiwan without eliciting controversy. The summit counted Ripple, a significant (diamond-level) sponsor.
The ending note reflects on China's unexpected leap into NFT and Hong Kong's $15M Bitcoin Fund under the title Asia Express.
Published At
11/13/2023 9:18:53 PM
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