Chilean Lawmakers Push for Groundbreaking Bitcoin Reserve
Chilean lawmakers are pushing for a groundbreaking move in the cryptocurrency world. They are advocating for the creation of a strategic Bitcoin reserve, which could make Chile one of the first countries to adopt Bitcoin in this manner.
Deputy Gael Yeomans has proposed the establishment of a 'Bitcoin Caucus' to study international Bitcoin legislations and draft bills. This caucus, similar to 'Blockchain Caucus' in other countries, would comprise parliamentarians, economic and technological experts, government officials, and representatives from blockchain and cryptocurrency companies. The caucus aims to educate and inform lawmakers about the technical and economic aspects of cryptocurrencies.
Andrés Villagrán, a Bitcoin adoption advocate, has been presenting this idea to government representatives. He plans to present the proposal to the Ministry of Finance, senators, and deputies later this year. Supporting this initiative are Dennis Porter, executive director of Satoshi Act Fund, and Simon Collins, CEO of Stackr. If approved, Chile could set a precedent in Latin American economy by adopting Bitcoin as a national reserve. Brazil is also exploring a similar possibility.
However, the Central Bank of Chile opposes the idea, citing concerns about security, liquidity, and volatility.
The proposal for a strategic Bitcoin reserve in Chile is a significant step towards cryptocurrency adoption in the region. If approved, it could pave the way for other countries to follow suit. Despite the opposition from the Central Bank of Chile, the initiative continues to gain support from lawmakers and industry experts.
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