At a recent forum held by the Chilean Finance Commission of Deputies, President Marcel said that his administration is considering the development of legislation on Regulation and control of the Crypto-currency. Currently, the country’s crypto currency is not recognized as a means of exchange or securities.

Mr. Marcel advocated the development of effective monitoring of the crypto-currency markets, saying that “regulation will make it possible to compile a user register and monitor risks.” He also added that “these measures should be created on the basis of market transparency, consumer security, the inability to launder money and the financing of terrorism.”

Earlier, Chile’s two crypto currency exchanges, Buda and Crypto Mkt, sued the country’s banking association, as banks closed accounts of the exchanges without explanation. Subsequently, the accounts were unblocked by the decision of the Chilean Antitrust Court.

The Chilean Minister of Economy, Development and Tourism, Jose Ramon Valente, stressed that the government does not advocate “for or against [crypto], but considers them as another innovation.”

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