Chile’s Minister of Economy, Development, And Tourism, Jose Ramon Valente, declared that it is necessary to give the cryptocurrencies market a chance because, in his opinion, the country cannot remain outside blockchain technology.
During the presentation of the new executive vice-president of the Production Development Corporation, Valente stated that cryptocurrencies could be considered as “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 idea in his mind, the minister urged the country’s economic actors not to “artificially hinder” the crypto ecosystem, since its success or failure must be related solely to its functioning.
What we are interested in is basically giving them the opportunity, because they are an important innovation that is happening all over the world […] if we give them a chance and they fail, well, they will fail as many good ideas that are left in the way fail.
Jose Ramon Valente, Minister of Economy, Development, And Tourism of Chile
Cryptocurrencies market in Chile will not face regulations, as the country is still accepting original blockchain technology
However, Valente assured that the Ministry “is not for or against cryptocurrencies market”. The concern is that Chile may be closing in on the technological advances occurring in the rest of the world, namely, the blockchain technology.
These statements come after weeks of tension over the legal dispute between Chilean cryptocurrency exchange houses and banks, as these entities refuse to provide commercial services to the exchange platforms.
A few days ago, the Tribunal for the Defense of Free Competition of Chile ordered 9 banks to reopen the accounts of the cryptocurrencies exchange houses.
The position of the Ministry of Economy could calm down the reprisals against Chile’s Bitcoin (BTC) ecosystem. However, there is still a long way to go to resolve the legal situation of the cryptocurrencies market in Chile, as there is no law for the cryptocurrencies regulation of crypto exchange.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.