Chile: Central Bank Considers Crypto Regulation

on May 18 at 09:20 AM

Mario Marcel, the president of Chile’s Central Bank president, Mario Marcel said the bank is considering regulating cryptocurrencies in the country in order to monitor risks, as reported by a local news outlet El Economista Tuesday, May 15.

Marcel disclosed the plans during a forum of the Finance Commission of Deputies, he said that “incorporating regulation will allow having a registry of participants in these activities and thus have information to monitor the associated risks”:

“The activities could be developed under more robust standards and mechanisms, especially in terms of market transparency, consumer protection, and prevention of money laundering and terrorist financing. ”

Although there are no laws in Chile, preventing citizens from exchanging crypto with goods as at present, Cryptocurrencies are still not currently considered as money or securities, and as at the end of March, Chilean crypto exchange Buda and Crypto MKT reportedly asked the Chilean Association of Banks (ABIF) to provide a clear stand on crypto and crypto trading after some of their accounts were closed by various Chilean banks.

In mid-April, three Chilean crypto exchanges – Buda, Orionx, and Crypto MKT – went to an appeals court to protest this closure, which was seen by some as the banks using their power to curtail the cryptocurrency industry. At the end of April, Chile’s anti-monopoly courtruled in favour of Buda exchange, directing that exchange’s accounts at state bank Banco del Estado de chile and Itau Corpbanca must be reopened.

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