Mario Marcel, the Chilean president, made a declaration regarding a new apparatus for the  regulation of cryptocurrencies. There  is a contrast between the embargo from the banks regarding the declaration of cryptocurrencies in Chile and the regulation of cryptocurrencies.

Chilean President Discusses Benefits of Regulation of  Cryptocurrencies

Recently, the president Marcel declared that his administration is working to develop an apparatus designed to regulate the cryptocurrencies. This apparatus has also the role to monitor the cryptocurrency sector from Chile.  According to a forum held by Chile’s Finance Commission of Deputies, this is the declaration about the apparatus. For the moment, Chile didn’t regulate the cryptocurrencies and the Government didn’t recognize them as a mean of exchange.

President Marcel thinks that “Incorporating a regulation would allow having a registry of the participants in these activities and thus have information to monitor the associated risks.” He added that “These 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.”

“Considering that these assets exist in the country, there is an associated industry.  People who own them, it is questionable if it would be appropriate to change this situation”. This was the declaration of president Marcel a few days ago.

Chile Changes Course After Recent Cryptocurrency Banking Embargo

The revolutionary idea to develop a new apparatus to regulate the cryptocurrencies  seems to move away the sector of cryptocurrencies from the traditional banking embargo from Chile.

In March, the two most important crypto exchanges from Chile demanded a clear situation regarding the new rules about regulation. Taking in account that several banks closed the accounts  related to cryptocurrencies, the crypto exchanges alarmed about this. One month after this request, the exchanges received an answer from Banco del Estado de Chile (Banco Estado). The result wasn’t a favorable one, following to close the accounts with the country’s sole state bank.

José Ramón Valente, the Chilean Minister of Economy, Development, and Tourism, wanted to emphasize that the Government is “not in favor [of] or against [cryptocurrencies], but simply see them as another innovation.”