[2015-04-21] Bitcoin Exchange in Chile Gets Funding from Government

[LiteCoinGuy]

Bitcoin Exchange in Chile Gets Funding from Government

The Chilean government also decided to back the bitcoin exchange by giving $40,000 in funding. For CEO and co-founder of SurBTC Guillermo Torrealba, they felt that this was an “extraordinary validation” for their operations. This funding was provided as part of the state’s startup initiatives.

“We are interpreting this ‘responsibility,’ offering a very transparent, secure exchange and open to other entrepreneurs to connect and develop their own solutions,” Torrealba said. “This is the only way that people can forget the scams that have been.”

http://www.newsbtc.com/2015/04/21/bitcoin-exchange-in-chile-gets-funding-from-government/


and soon russia too.... 

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[Chef Ramsay]

Well, I thought we'd seen everything by now but a govt supporting an exchange beats all. Never saw this coming.

[pawel7777]

During its earlier days, SurBTC was faced with a lot of rejection from banks in the country, as most of these institutions had a growing distrust for the cryptocurrency. The company eventually found a banking partner to work with in Chile, eventually paving the way for a successful launch of the bitcoin exchange.

The Chilean government also decided to back the bitcoin exchange by giving $40,000 in funding. For CEO and co-founder of SurBTC Guillermo Torrealba, they felt that this was an “extraordinary validation” for their operations. This funding was provided as part of the state’s startup initiatives.

They struggled to find a bank that would accept that kind of operations and yet managed to get gov funding. Uplifting story.

“Extraordinary validation” is exactly what it is, now they need to play it right, set proper security systems (multisig) and they could set a solid foundations for the future Chilean bitcoin industry.

Although on the second thought, governments funding programs do not reflect opinion of the government itself. In other words, the fact they got $40k doesn't necessarily mean that gov is "pro-bitcoin".

But I have a feeling we'll be hearing more good news from South America in the near future.

--------
Also I totally did see that coming:
https://bitcointalk.org/index.php?topic=959464.msg11093304#msg11093304

[1Referee]

The title of the article is more interesting than the article itself. As pawel7777 mentioned, the chances that the government really has interest in Bitcoin is pretty low.

It might be an investment in the future as they are looking into the possibilities of the blockchain for every day use.

[kjlimo]

If they don't have a bank, where did they put the 40k the govt gave them?  Mattress?

During its earlier days, SurBTC was faced with a lot of rejection from banks in the country, as most of these institutions had a growing distrust for the cryptocurrency. The company eventually found a banking partner to work with in Chile, eventually paving the way for a successful launch of the bitcoin exchange.

The Chilean government also decided to back the bitcoin exchange by giving $40,000 in funding. For CEO and co-founder of SurBTC Guillermo Torrealba, they felt that this was an “extraordinary validation” for their operations. This funding was provided as part of the state’s startup initiatives.

They struggled to find a bank that would accept that kind of operations and yet managed to get gov funding. Uplifting story.

“Extraordinary validation” is exactly what it is, now they need to play it right, set proper security systems (multisig) and they could set a solid foundations for the future Chilean bitcoin industry.

Although on the second thought, governments funding programs do not reflect opinion of the government itself. In other words, the fact they got $40k doesn't necessarily mean that gov is "pro-bitcoin".

But I have a feeling we'll be hearing more good news from South America in the near future.

--------
Also I totally did see that coming:
https://bitcointalk.org/index.php?topic=959464.msg11093304#msg11093304

[bryant.coleman]

This is a first. And it makes the Chilean government the most bitcoin friendly of all the governments around the world. May be it is too early, but I think exchanges such as BTC-e should move to Chile (given the Russian government's anti-Bitcoin stance).

[pawel7777]

If they don't have a bank, where did they put the 40k the govt gave them?  Mattress?

During its earlier days, SurBTC was faced with a lot of rejection from banks in the country, as most of these institutions had a growing distrust for the cryptocurrency. The company eventually found a banking partner to work with in Chile, eventually paving the way for a successful launch of the bitcoin exchange.

The Chilean government also decided to back the bitcoin exchange by giving $40,000 in funding. For CEO and co-founder of SurBTC Guillermo Torrealba, they felt that this was an “extraordinary validation” for their operations. This funding was provided as part of the state’s startup initiatives.

They struggled to find a bank that would accept that kind of operations and yet managed to get gov funding. Uplifting story.

“Extraordinary validation” is exactly what it is, now they need to play it right, set proper security systems (multisig) and they could set a solid foundations for the future Chilean bitcoin industry.

Although on the second thought, governments funding programs do not reflect opinion of the government itself. In other words, the fact they got $40k doesn't necessarily mean that gov is "pro-bitcoin".

But I have a feeling we'll be hearing more good news from South America in the near future.

--------
Also I totally did see that coming:
https://bitcointalk.org/index.php?topic=959464.msg11093304#msg11093304

The answer is in the text you quoted. Highlighted it for you.