🎉 Chile🇨🇱: the Central Bank is preparing rules focused on the issuance and regulation of domestic stablecoins

🎉 Chile🇨🇱: the Central Bank is preparing rules focused on the issuance and regulation of domestic stablecoins

The relevant powers are provided for under the Financial Technology Law (No. 21,521) of 2023; accordingly, by the end of 2026 the Central Bank plans to publish the first draft of regulatory rules.

⭐️ The rules are expected to establish requirements concerning reserves, risk management, corporate governance, business continuity and user protection. Measures to prevent financial crime and establish the responsibilities of the various participants are also expected.

⭐️ The regulator announced that it is preparing the framework for stablecoins that could be used as an everyday means of payment.

⭐️ In any event, authorities have already indicated that implementation will be gradual, considering the competition that widespread stablecoin adoption could create for the traditional financial system and fiat currencies.

🔂In this context, it should be noted that Chile has an efficient banking system, with significantly greater access than most neighboring countries. The same applies to cross-border transfers from Chile: without the use of stablecoins, the cost is between 1.8% and 2.7% of the transferred amount, allowing the country to reach ahead of schedule the 3% target established by the G20 for 2030.

🔂Under these conditions, the development of alternative payment methods, including cryptocurrencies, is often constrained, both at the legislative and operational levels, as observed in several developed countries.

⭐️⭐️ While stablecoin development progresses gradually, the Central Bank is preparing changes to the payment infrastructure for public consultation, including:

🔂the upcoming launch of the Instant Payment System, developed by private banks;

🔂the optimization of the interbank transfer system (TEF) to enable its use at retail establishments.

⭐️⭐️⭐️ Overall, the outlook is favorable. Chile has historically demonstrated strong experience in developing and modernizing various markets, so there is a high probability that the financial system will also continue to develop successfully.

#news #Chile #crypto

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