Legislators in Chile are preparing to support the creation of a bitcoin bench in Congress to lead the regulatory charge in the Latin American nation. The goal is to introduce a strategic bitcoin reserve proposal later this year.
Chile to Consider Strategic Bitcoin Reserve Proposal This Year
Chile, a country not particularly known for its cryptocurrency adoption, is preparing to become more bitcoin-friendly in 2025. Gael Yeomans, a Chilean deputy, has proposed creating a bitcoin bench in the Chilean Congress, a group focused on promoting bitcoin research and introducing bitcoin and crypto regulations.
Over 20 lawmakers have also participated in meetings exploring this initiative. This group’s goal is to put Chile at the forefront of adoption and regulation in Latam and the world.
Andres Villagran, one of the idea’s supporters in Chile, was involved in setting up this group with the help of Satoshi Action Fund’s CEO Dennis Porter.
This group presented the idea of a strategic bitcoin reserve to some deputies in 2024 and prompted the idea of implementing it in the country.
Villagran clarified that the group’s action will continue this year, pushing for executing bitcoin initiatives as part of the current administration’s actions.
On social media, he stated:
In 2025 we will have meetings with the Ministry of Finance to present specifically the strategic bitcoin reserve, as well with all Senators and Deputies, so that Chile can be one of the first countries where bitcoin is an essential part of the country’s economy.
This push might face opposition from the central bank, as central bank officials recently denied the possibility of adding BTC to its reserves due to its high volatility.
Read more: No Bitcoin! Central Bank of Chile Rejects Adding BTC as a Reserve Asset
Chile would be the second country in Latam to introduce a strategic bitcoin stockpile proposal recently. In November, Brazilian lawmakers proposed to allocate 5% of the country’s foreign reserves into bitcoin as part of a bitcoin stockpile to safeguard the country against economic uncertainties.
Read more: Brazil Introduces Bill to Establish Strategic Bitcoin Reserve
Nonetheless, El Salvador has pioneered in this field, amassing over 6,000 BTC under President Bukele’s bitcoin-friendly policies.
