Chilean lawmakers are advocating for a bitcoin bench in Congress to promote cryptocurrency regulation and research, aiming for a strategic bitcoin reserve proposal in 2025. This initiative, supported by over 20 legislators and key figures like Andres Villagran, reflects a growing trend in Latin America as countries explore the integration of bitcoin into their economies.
Legislators in Chile are actively advocating for the establishment of a dedicated bitcoin bench within Congress, aimed at advancing regulatory measures concerning cryptocurrency. This initiative, led by Deputy Gael Yeomans, intends to promote research and initiate regulations pertaining to bitcoin within the nation. In addition to Yeomans, over 20 lawmakers have engaged in discussions regarding this proposal, which positions Chile to potentially lead adoption and regulation of cryptocurrencies not only in Latin America but globally.
Support for this initiative has been bolstered by figures such as Andres Villagran, who has collaborated with Dennis Porter, CEO of the Satoshi Action Fund, to bring this vision to fruition. They aim to introduce a strategic bitcoin reserve to legislators in 2024, with ongoing efforts to implement these initiatives throughout the current administration’s term. In Villagran’s words, significant meetings are scheduled in 2025 with the Ministry of Finance to specifically discuss the strategic bitcoin reserve and integrate it into the national economy.
Chile has historically been tentative regarding cryptocurrency adoption, however, the nation is poised to shift its approach by targeting a more bitcoin-friendly status by 2025. The proposed bitcoin bench in Congress seeks to establish a formal framework for the regulation of cryptocurrencies, which could potentially transform Chile’s economic landscape. This push coincides with similar movements in the region, notably Brazil, where lawmakers have considered reserving significant percentages of their foreign reserves in bitcoin amidst economic volatility. The outline for a strategic bitcoin reserve is part of a broader trend where nations are exploring cryptocurrency to bolster their economies.
In summary, Chile is on the cusp of a significant transformation regarding its stance on bitcoin, with legislators advocating for a dedicated group to foster research and regulatory initiatives. The proposal for a strategic bitcoin reserve signifies a critical move to align the nation’s economy with the evolving digits of cryptocurrency, although it may face challenges from regulatory bodies such as the central bank. Considering the experiences of El Salvador and Brazil, Chile’s efforts could mark a pivotal step in establishing cryptocurrency as a viable economic component in Latin America.
Original Source: news.bitcoin.com
