Chile Congress passes fintech bill after two years

After almost two years of debate in Congress, Chile finally approved its fintech bill, which seeks to regulate fintech and cryptocurrency-related activities within the country.

Chile fintech bill to be sanctioned by president

The deputy chamber of the Congress gave its final verdict, and the last step is expected from the president of Chile, Gabriel Boric, who needs to sanction the bill.

According to the experts, the Chilean fintech sector is still widely unregulated, and this bill should enhance innovation and overall competition.

The draft bill itself got a majority of votes in favor by Members of congress and will help authorities to focus on the establishment of a regulatory framework for all firms in the sector.

In the lower house plenary session, Chilean Minister of Finance, Mario Marcel, commented that the project is heading in the right direction and “aims to generate greater competition in the financial market and boost innovation, as well as regulating a currently unregulated sector”.

Marcel called it “a pro-competition bill” because it promotes competition but also ensures that non-traditional finance companies are able to compete by providing lower-priced financial services for the public.

Chile fintech bill defines crypto as a “digital representation of exchange units of money, goods or services.”

Crypto in Latin America

Cryptocurrency in Latin America is seen as the way to help the unbanked and underserved population, especially when it comes to the small and medium-sized enterprise sector.

In May this year, the Central Bank of Chile postponed all previous plans for a central bank digital currency (CBDC), the digital Chilean peso. According to the bank, launching this digital currency would need a deeper analysis of the benefits and risks.

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