Multiple Chilean lawmakers are currently pushing for legislation that would establish a Strategic Bitcoin Reserve (SBR), according to details shared by nation-state mining lobbyist Andrés Villagrán. Revealing his progress via X, Villagrán explained that he has been meeting with numerous officials to advocate for BTC’s potential economic benefits.
Chile’s Path To Bitcoin Adoption
“In 2023, I embarked on an incredible journey with Bitcoin! I’ve had meetings with over 20 parliamentarians and several ministers explaining the benefits of Bitcoin to Chile and its people,” wrote Villagrán, adding that his outreach intensified further in mid-2024.
Villagrán’s efforts have been supported by Dennis Porter, CEO of the US nonprofit Satoshi Act Fund, and Simon Collins, CEO of Stackr—both of whom bring prior experience introducing legislation and promoting sustainable BTC mining practices. According to Villagrán:
“At the beginning of 2024, I began meetings with many deputies from this long and narrow strip of land that is Chile […] In mid-2024, I met Simon Collins and Dennis Porter, with whom I established a collaboration as they had both walked this same path before (Dennis with Satoshi Act Fund has already introduced 30 bills). So I invited them to Chile to present empirical information backed by papers to parliamentarians and the Chilean government.”
During November 2024, the team presented the concept of a Strategic Bitcoin Reserve to government representatives, including members of the administration of President Gabriel Boric, Deputy Andrés Giordano (Frente Amplio), and Deputy Juan Santana (Socialist Party). Their discussions touched on precedents set by similar proposals in Pennsylvania, Ohio, and Texas within the United States, which were led by Porter.
Additionally, Deputy Gael Yeomans—aligned with the Social Convergence party, part of the ruling left-leaning Frente Amplio coalition—proposed forming a “Bitcoin Bench,” or Bancada Bitcoin, tasked with conducting in-depth research, examining international legislation, and drafting related bills.
Villagrán praised the initiative, stating: “Deputy Gael Yeomans proposed creating a Bitcoin Bench (Bancada Bitcoin) … Personally, I believe it would be ideal for this Bitcoin Bench to be from left to right.”
Despite this momentum, the push for a Strategic Bitcoin Reserve could face headwinds from the Central Bank of Chile, which has historically expressed skepticism regarding BTC as a national reserve asset. In December of the previous year, the central bank rejected the idea, citing regulatory hurdles and IMF standards for reserve assets, namely security, liquidity, and reliability.
Notwithstanding the central bank’s reservations, Villagrán remains optimistic, stating that additional conversations with the Ministry of Finance, as well as senators and deputies from across the political spectrum, are planned for 2025:
“I want to make it clear, in 2025 we will have meetings with the Ministry of Finance to present specifically the SBR, as well with ALL Senators and Deputies, so that can be one of the first countries where Bitcoin is an essential part of the country’s economy.”
Notably, during a livestream with Porter, Villagrán highlighted that Chilean law permits the Central Bank to hold Bitcoin. He also mentioned plans to engage in discussions with the bank later this year.
If the Chilean proposal gains traction, the country would become the second in Latin America to recently explore such a measure. In November of last year, Brazilian lawmakers introduced a plan to allocate 5% of Brazil’s foreign reserves into BTC, aiming to safeguard against economic uncertainties.
At press time, BTC traded at $99,260.
Featured image created with DALL.E, chart from TradingView.com
