Chile May Become Second Latin American Country to Officially Recognize Cryptocurrency

Brief:

  • Chile wants to equate cryptocurrency with fiat money
  • The government of the country will develop its own digital currency

Chile may soon become the second Latin American the country that officially recognized the cryptocurrency. The government apparatus was divided into two fronts. The first one wants to use bitcoin as a real means of payment. The second is to issue your digital currency.

In November, one of the congressmen, Karim Bianchi, made a speech. The main message is to equate cryptocurrency with ordinary money.

According to the politician, the recognition of the law, the development of one’s own “digital” peso and crypto deposits in banks can positively affect the Chilean economy.

A few days ago, Congress put Bianchi’s idea up for discussion. It is worth saying that all the difficulties and ways to solve them fit into four articles. If the law is approved, then the cryptocurrency will become a “valid means of payment.” Both companies and individuals will be able to use bitcoin or other tokens for payment.

The policies of countries regarding cryptocurrencies are very different. For example, El Salvador accepts bitcoin as well as dollars. And the US cannot take any side on the issue.

Regarding the situation with Chile, Cristobal Pereira, Director of Blockchain Summit Latam, said that the country “does not need bitcoin”. Chile has a stable economic plan, so bitcoin can serve as a way of speculation rather than a “rainy day insurance”, Pereira noted.

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