Chilean Minister of Economy on bitcoin and cryptocurrencies: "We must give them an opportunity"
Apr 26, 2018 1 min read

In the middle of a tough fight between banks and chilean crypto-exchanges, after the latter informed the chilean exchanges of the closing of their bank accounts, making it difficult for this business to operate in the local market, the Chilean Minister of Economy, José Ramón Valente, gave a clear support signal to bitcoin and cryptocurrencies, stating that they are “an important innovation”.

Valente said: “Basically, what matters to us (the goverment) about bitcoin and cryptocurrencies is to give them the opportunity (to develop), because they represent an important innovation that is taking place all around the world”.

This statement was made after the chilean anti monopoly court ordered the banks BancoEstado and Itaú Corpbanca to re-open bank accounts after the executives of the crypto-exchange received a letter on the same day sent by these banks notifying the imminent cease of their services, leaving the industry outside the local banking system.

In that context, Valente said that “we (the country) cannot get left behind in this industry” that he personally called “the economy of the future”.

“if we give them an opportunity and then they fail, they would as so many other good ideas that are left on the road, regardless of how good they seem at the time”.