Chilean MPs Present Blockchain Adoption Resolution to Parliament

Chilean MPs urge country’s parliament to adopt blockchain for public needs and conduct studies on its advantages.

Two Chilean deputies have presented a resolution on blockchain adoption to the lower house of the country’s parliament (Camara de Diputados) on Thursday, October 4, local news website Fortin Mapocho reported.

The proposed blockchain resolution project was first registered in late August. In the project proposal, the two presenting members of parliament (MPs) Miguel Angel Calisto and Giorgio Jackson, along with eight other MPs, appeal to the Chilean president Sebastian Pinera, urging him to implement blockchain in all public areas of the country. The document also offers to carry out studies on the advantages of blockchain-based security and energy solutions.

Introducing the resolution to parliament, Jackson cited a recent report from the Chilean Economic Prosecution office, which stated that the maintenance of notaries had become too expensive for the government. Jackson argued that storing said data in a decentralised system would significantly help reduce those costs.

MP Calisto also stressed that blockchain technology could guarantee the accuracy of all information kept.

Earlier in May the president of the Chilean Central Bank stated that he was considering introducing cryptocurrency regulation in the country. He argued increased regulation could help the state to “monitor risks,” notably of terrorist financing and money laundering.

Neighbouring South American countries are also testing blockchain for public administration. In July, Argentina announced the creation of a federal blockchain system back, while earlier this year, the Brazilian government stated it was planning move its popular public petitions onto the Ethereum blockchain.

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President of Chile’s Central Bank Considers Cryptocurrency Regulation, Says It Is Useful for ‘Monitoring Risks’

The president of Chile’s Central Bank believes that cryptocurrency regulation could allow better monitory of risks in the market.

Mario Marcel, the president of Chile’s Central Bank, is considering regulating cryptocurrencies in the country in order to monitor risks, local news outlet El Economista reported Tuesday, May 15.

Cryptocurrencies in Chile are not currently considered as money or securities, but there are no laws in place that prevent citizens from exchanging crypto for goods and services.

During a forum of the Finance Commission of Deputies, Marcel said that “incorporating regulation will allow having a registry of participants in these activities and thus have information to monitor the associated risks”:

“These activities could be developed under more robust standards and mechanisms, especially in terms of market transparency, consumer protection, and prevention of money laundering and terrorist financing.”

At the end of March, Chilean crypto exchange Buda and Crypto MKT asked the Chilean Association of Banks (ABIF) to provide a clear position on crypto and crypto trading after some of their accounts were closed by various Chilean banks.

In mid-April, three Chilean crypto exchanges – Buda, Orionx, and Crypto MKT – went to an appeals court to protest this closure, which was seen by some as the banks using their power to curtail the cryptocurrency industry. At the end of April, Chile’s anti-monopoly court ruled that Buda’s accounts must be reopened at state bank Banco del Estado de Chile and Itau Corpbanca.

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