Chilean lawmakers push for a Strategic Bitcoin Reserve, gaining support from international experts. Learn how Chile plans to integrate Bitcoin into its economy despite Central Bank skepticism.
Push for Bitcoin Reserve Gains Momentum in Chile
Chilean lawmakers are working on legislation to create a Strategic Bitcoin Reserve (SBR), according to Andrés Villagrán, a nation-state mining lobbyist. Villagrán revealed his ongoing efforts via X, explaining how he has engaged over 20 parliamentarians and several ministers to promote Bitcoin’s economic potential.
This initiative has garnered support from international figures like Dennis Porter, CEO of the Satoshi Act Fund, and Simon Collins, CEO of Stackr, who have experience in sustainable Bitcoin mining and legislative advocacy.
Meetings Highlight Bitcoin’s Potential for Chile
Villagrán’s outreach, which began in 2023, intensified in 2024 with presentations to Chilean government officials, including members of President Gabriel Boric‘s administration, Deputy Andrés Giordano, and Deputy Juan Santana. These meetings explored global precedents, such as similar proposals in Pennsylvania, Ohio, and Texas.
In November 2024, the concept of a Bitcoin reserve was presented, leading to a proposal by Deputy Gael Yeomans to form a “Bitcoin Bench” (Bancada Bitcoin). This bipartisan group aims to study international legislation, conduct research, and draft bills for implementing a Strategic Bitcoin Reserve in Chile.
Central Bank Skepticism Remains a Challenge
Despite the growing momentum, the Central Bank of Chile has expressed reservations. In December 2024, the bank dismissed Bitcoin as a viable reserve asset, citing concerns over security, liquidity, and reliability under IMF standards.
Villagrán acknowledged these challenges but remains optimistic. He highlighted Chilean law, which permits the Central Bank to hold Bitcoin, and announced plans for further discussions with the Ministry of Finance and all senators and deputies in 2025.
Latin America’s Expanding Bitcoin Adoption
Chile’s efforts follow Brazil’s November 2024 proposal to allocate 5% of its foreign reserves to Bitcoin, reflecting Latin America‘s increasing interest in cryptocurrency as a hedge against economic uncertainties. If successful, Chile could become the second nation in the region to integrate Bitcoin into its economy.
Stay informed on Chile’s Bitcoin journey by following updates on legislative developments and expert insights into cryptocurrency adoption.
