MINISTER OF ECONOMY OF CHILE Want to Give an Opportunity to Cryptocurrencies

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The Minister of Economy, Development and Tourism of Chile, José Ramón Valente, declared that it is necessary to give the cryptocurrency market a chance because, in his opinion, the country can not remain out of this innovation.

During the presentation of the new executive vice president of the Production Development Corporation, Valente saidthat cryptocurrencies could be considered “the economy of the future.” For this reason, he says, the Chilean government does not want to be left out of this innovation.

With this premise, the minister urged the economic actors of the country not to “put artificial barriers” to thecryptocurrency ecosystem, since its success or failure must be related only to its functioning.

“What interests us with cryptocurrencies is basically giving them the opportunity because they are an important innovation that is happening in the world,[…] if we give them an opportunity and then they fail, they would as so many other good ideas that are left on the road, regardless of how good they seem at the time”

José Ramón Valente

Minister of Economy, Development and Tourism, Chile

However, Valente said the Ministry “is not in favor of or against cryptocurrencies.” His concern is that Chile may be closing itself to technological advances that occur in the rest of the world.

These statements come after weeks of tension due to the legal dispute between Chilean exchange houses and banks, since these entities refuse to provide commercial services to the exchange platforms.

A few days ago, the Court of Defense of Free Competition (TDLC) ordered 9 banking entities to reopen the accounts of the exchange offices . Recall that this court has mediated the conflict on several occasions, as exchange platform have sued the banks before the TDLC.

According to the minister, this Court ruling is positive, as it is a way to give an opportunity to cryptocurrencies in the local market. In this same line, Valente declared at the beginning of the month that the country should strive to create a favorable regulatory framework regarding the trade of cryptoactives.

The position of the Ministry of Economy, as well as the decision of the TDLC, could calm the waters among the participants of the Chilean bitcoin ecosystem. However, a long way to resolve the legal situation of the cryptocurrency trade in Chile is still awaited, as there is no bill for the regulation of exchange.

Author: Marko Vidrih


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