Chile Central Bank Governor For Regulating Cryptocurrencies

May 17, 2018

The president of the Chile Central Bank Mario Marcel believes, the country needs cryptocurrency regulations to be aware of the risks they may cause.

To date legal status of cryptocurrencies in Chile is not defined, they are neither money, nor securities. In addition, the country has got no legislation for citizens participating in crypto trading. The locals may pay crypto for goods and services.

While rendering his speech at the country’s financial commission meeting Marcel stated, cryptocurrency regulation will allow for making up a registry of market players which simplifies monitoring all involved risks. The CB president also noted, stricter standards will resolve the problems of market transparency, customer security and may prevent use of cryptocurrencies in money laundering and terrorism financing.

Remember that mid-April bank accounts of three crypto exchanges in Chile were closed. Many considered this to be the measures the government resorts to in attempt to restrict crypto activity in the country. Trading platforms appealed to the court and in the end of the month account of one of the exchanges was ordered to reopen.

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