In a significant development for the Latin American crypto landscape, Chile’s Economy, Development, and Tourism Minister José Ramón Valente has voiced strong support for cryptocurrency innovation. His comments come amid growing regulatory and judicial actions that are reshaping the relationship between traditional financial institutions and digital asset platforms in the country.
This shift signals a pivotal moment for blockchain technology adoption in Chile — a nation increasingly recognized as a forward-thinking player in South America’s evolving fintech ecosystem.
A Supportive Stance on Digital Innovation
On Friday, April 27, Minister José Ramón Valente emphasized the importance of embracing emerging technologies like cryptocurrency. Speaking to local media Diario Financiero, he stated:
“What interests us is that, fundamentally, cryptocurrencies offer many opportunities for development because they are one of the most important innovations in the world today. We must give cryptocurrencies a chance.”
Valente’s remarks reflect a broader government outlook focused on technological inclusivity and economic modernization. He underscored that Chile should not isolate itself from transformative trends shaping the future of finance.
“We are neither in favor of nor against any particular party,” he clarified. “We see this as another form of innovation. Chile will never close its doors to technological progress anywhere in the world.”
This neutral-yet-open stance allows space for regulatory evolution while encouraging responsible experimentation within the blockchain and virtual currency sectors.
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Judicial Pressure Forces Banks to Reopen Crypto Accounts
The minister’s statements follow a series of rulings by Chile’s Tribunal de Defensa de la Libre Competencia (TDLC), or the Free Competition Defense Court, which has ordered several major banks to reinstate services for cryptocurrency exchanges.
The legal action was initiated by Buda, one of Chile’s leading crypto trading platforms (formerly known as Surbtc), which filed a lawsuit against ten banks that had abruptly closed its accounts without clear justification. As a result of the court’s intervention:
- Banco del Estado de Chile
- Itaú Corpbanca
- Scotiabank Chile
…have all been directed to restore banking relationships with Buda and other digital asset operators.
Most recently, the TDLC extended its order to Scotiabank, requiring it to reopen an account for another exchange, Cryptomkt. However, Scotiabank responded with caution, citing compliance obligations:
“We would like to highlight that Scotiabank maintains high standards regarding anti-money laundering regulations — a legal requirement that all bank clients must meet.”
The bank added that Cryptomkt failed to adequately verify the origin of its funds, justifying their initial decision to terminate the account. While respecting the court’s authority, Scotiabank stressed the need for clearer regulatory frameworks to balance innovation with financial integrity.
The Need for Regulatory Clarity
In response to these developments, Pablo Lorenzini, Vice President of Chile’s Christian Democratic Party and Chairman of the Chamber of Deputies’ Finance Committee, called for urgent legislative updates.
Lorenzini emphasized that while judicial rulings can enforce fair competition, long-term stability requires comprehensive laws governing cryptocurrency operations. Without formal regulation, both banks and crypto firms operate in a gray zone — increasing risks of conflict, non-compliance, and consumer uncertainty.
Establishing clear rules around know-your-customer (KYC) protocols, transaction monitoring, and licensing could help bridge the gap between traditional finance and decentralized technologies.
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Why Chile Is Poised for Crypto Growth
Several factors position Chile as a potential leader in responsible blockchain adoption across Latin America:
- High internet penetration and tech-savvy population
- Strong tradition of financial inclusion initiatives
- Active participation in regional fintech innovation
- Independent judiciary willing to uphold market fairness
Moreover, public officials like Minister Valente are framing cryptocurrency not as a threat, but as an opportunity — one that can drive financial inclusion, attract investment, and foster entrepreneurship.
According to industry analysts, countries that proactively shape their crypto policies stand to gain significant economic advantages, including job creation in tech sectors, increased cross-border transactions, and enhanced digital infrastructure resilience.
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Frequently Asked Questions (FAQ)
Q: Why is Chile’s economy minister supporting cryptocurrency?
A: Minister José Ramón Valente views cryptocurrency as a key driver of innovation and economic development. He believes Chile should remain open to technological advancements rather than exclude itself from global financial trends.
Q: Which banks were ordered to reopen crypto exchange accounts?
A: Banco del Estado de Chile, Itaú Corpbanca, and Scotiabank were among those directed by the TDLC to restore services to exchanges like Buda and Cryptomkt.
Q: What are the main concerns banks have about crypto businesses?
A: Banks cite anti-money laundering (AML) compliance as a primary concern. They require crypto firms to prove the legitimacy of fund sources — a challenge some platforms have struggled to meet.
Q: Is cryptocurrency legal in Chile?
A: While not officially recognized as legal tender, cryptocurrency trading and ownership are not prohibited. The government is currently working toward establishing clearer regulations.
Q: How might new regulations impact crypto users in Chile?
A: Future rules could introduce licensing requirements, KYC procedures, and tax guidelines — improving security and transparency while potentially increasing operational costs for exchanges.
Q: What role does blockchain play beyond finance in Chile?
A: Beyond virtual currency, blockchain technology is being explored for supply chain tracking, voting systems, and identity verification — all areas where transparency and immutability add value.
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Looking Ahead: Building a Balanced Future
As Chile navigates the intersection of innovation and regulation, the path forward will likely involve collaboration between policymakers, financial institutions, and tech entrepreneurs. The goal is not just to accommodate cryptocurrency but to integrate it safely into a modernized financial system.
With strong leadership, judicial oversight, and growing public interest, Chile may soon emerge as a model for how emerging economies can embrace digital transformation — without compromising security or fairness.
The message from Santiago is clear: the future of finance is unfolding now, and Chile intends to be part of it.