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Author Topic: [2018-05-23] Chilean President Considering Regulation of Cryptocurrencies  (Read 54 times)
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May 23, 2018, 06:39:31 AM

The Chilean president, Mario Marcel, has made comment seemingly in favor of developing a regulatory apparatus for virtual currencies. The apparent openness to regulating cryptocurrencies contrasts significantly from the recent banking embargo targeting virtual currency recently witnessed in Chile.

Chilean President Discusses Benefits of Regulating Cryptocurrencies

During a forum recently held by Chile’s Finance Commission of Deputies, President Marcel made comments indicating that his administration is considering developing a legislative apparatus designed to regulate and monitor activities pertaining to Chile’s cryptocurrency sector. Presently, cryptocurrencies are entirely unregulated in Chile, and are not legally recognized as a means of exchange or securities.

Mr. Marcel spoke in favor of developing an effective means through which to monitor the cryptocurrency markets, stating that “Incorporating a regulation would allow having a registry of the participants in these activities and thus have information to monitor the associated risks,” adding that “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.”

By contrast, President Marcel warned that developing an ad hoc regulatory apparatus could risk providing a false “sense of security” whilst failing to effectively manage associated risks.

Despite the comments, Mr. Marcel still questioned whether or not a regulatory framework for virtual currencies is warranted in Chile, stating “Considering that these assets exist in the country, there is an associated industry and people who own them, it is questionable if it would be appropriate to change this situation.”

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May 23, 2018, 10:45:33 AM
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Nations are waking up to the notion that cryptocurrencies are here to stay. And it's in their best interest to regulate it at the very least. 

The “best interest” of their nations would probably be in not regulating them and getting a lot of development and startups. The best interests of the politicians rarely coincide with the best interests of the nations.
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May 24, 2018, 10:20:14 AM

at this point the goverments cannot simply ignore the phenomenon
some countries go the "easy" route and simply ban the crypta outright (easy for the ones at the top,not the people of course)
some countries legalise it and develop legislation and regulatory organs,some are sitting on a fence,like Chile here
but in any case,sooner or later a country will have to decide,so make sure you support the political forces,companies and business that are pro crypta whenever and wherever possible
who knows,maybe this will influence your future more than any other political choice of your life Smiley

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