President of the Central Bank of Chile calls for the regulation of cryptocurrencies

Governor of the Central Bank of Chile Mario Marcel said the need for regulating the use of cryptocurrency. In the country there was no legislation for this sector, cryptocurrencies are not considered money or securities while there is no law forbidding citizens to exchange them for goods and services.

The head of the Central Bank called for the development of effective means for monitoring cryptocurrency markets, stating that regulation of this sector will have a register of members of the crypto operations and, thus, to obtain information to monitor associated risks.

«Initiatives in this direction should be developed in accordance with reliable standards and mechanisms, especially from the point of view of market transparency, protect consumers and prevent money laundering and financing of terrorism», – he stressed.

The position of the Central Bank of Chile is significantly different from the recent policy of the regulator, when in March, at his direction, some local banks have closed the accounts of the crypto exchanges and Crypto Buda MKT. In response, they asked the Chilean banking Association (ABIF) to provide a clear position in the field of digital currencies.

In mid-April, the cryptocurrency site filed a lawsuit in the court of appeal intending to appeal against the actions of the regulator, because I believe that banks use their powers to limit the cryptocurrency industry in the country.

At the end of April, the antitrust court of Chile ruled that accounts Buda should be re-opened in the state Bank Banco del Estado de Chile Itau Corpbanca.

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