The APEC summit kicked off on November 11 in San Francisco, with the highly anticipated meeting between US President Joe Biden and Chinese President Xi Jinping scheduled for November 15. However, the finance ministers' meeting held during the summit is also of significant importance, with US Treasury Secretary Janet Yellen highlighting the discussion on "priority areas oriented toward the long-term" and focusing on sustainability. The meeting will include sessions dedicated to supply-side economics and digital assets, with Yellen specifically mentioning unbacked crypto assets, stablecoin, and central bank digital currency. Yellen expressed interest in hearing perspectives on the long-term role of digital assets and blockchain technologies in financial systems and approaches to regulatory oversight. Yellen had previously met with top Chinese economic official He Lifeng, and although China has banned cryptocurrency trading, it is at the forefront of central bank digital currency development. The perspectives shared at the meeting may differ from Yellen's own position, as the Biden administration is perceived as not being crypto-friendly, while Asia leads in blockchain development. APEC consists of 21 economies in the Pacific region, and Ripple was a major sponsor of the summit. Read more AI-generated news on: https://app.chaingpt.org/news