US Finance Minister Janet Yellen to Discuss Crypto Regulations at APEC Meeting

JAKARTA - US Minister of Finance, Janet Yellen, will discuss issues related to crypto assets at the annual meeting of finance ministers from Asia and the Pacific (APEC) countries. This meeting is an opportunity to increase cooperation and economic integration in the Pacific region.

The 30th meeting of the APEC Finance Ministers' Meeting (FMM) took place in San Francisco, USA, starting Monday, November 13 2023. APEC is a regional economic forum consisting of 21 countries, including Indonesia, which aims to facilitate free trade and investment in the Pacific region .

APEC members 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 United States and Vietnam .

One of the topics that will be discussed at this meeting is the regulation of crypto assets, such as bitcoin, stablecoins and central bank digital currencies (CBDC). In her remarks, Yellen said APEC finance ministers had explored the potential benefits and challenges of crypto assets and other innovative financial tools, as well as ways to maintain high regulatory standards.

"Today, I look forward to hearing your perspectives on the long-term role that digital assets and blockchain technology can play in our respective financial systems, as well as how authorities plan to approach regulatory oversight of their development and use," Yellen said.

Yellen also said that the US has been working with other governments on crypto regulation, and did not suggest an outright ban on crypto activities, but stressed the importance of implementing a strong regulatory framework.