Janet Yellen stated the fact that the unbacked cryptos will be addressed during the APEC summit in San Francisco. Check out the latest reports about the matter below.

Unbacked cryptos to be addressed, Yellen says

Janet Yellen, the US Treasury Secretary, is currently attending the 30th annual meeting of finance ministers of Asia-Pacific Economic Cooperation (APEC) countries in San Francisco.

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

During her opening remarks on Monday, Yellen announced that 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.”

She continued and said the following:

“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.”

The APEC member economies consist of 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.

During an interview at the G20 meeting in February, Yellen stated that the US was collaborating with other governments to regulate cryptocurrencies. While the US has not proposed an outright ban on crypto activities, it is essential to establish a robust regulatory framework.

In other recent news, according to a popular trader, a significant drop in the price of Bitcoin (BTC) could lead to substantial gains for the cryptocurrency in the upcoming months.

Analyst Kevin Svenson recently shared on the social media platform X that if Bitcoin tests its previous resistance level of $31,000 and holds it as a support level, this would be a positive long-term signal for BTC.

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