Chile's Finance Minister Comments on how the cryptocurrency regulation is proceeding

Filipe Larrain, Chilean Finance Minister, recently stated that several government entities are "making progress" on the creation of a cryptography. He added that the finance ministry is collaborating with the central bank of the country and the Financial Stability Board to develop a balanced framework in the sector.

Establishing a regulatory framework is part of a government project to ensure that there are legal definitions so that the regulations mean something. He also stated,

"We are aware that it is important to go in this direction, but all the countries of the world are facing similar problems and there is no magic to solve them, we are exploring the best ways to see how to regulate this brand-new phenomenon."

A few months ago, after the closure of the cryptographic accounts in several banks, Larraine said that the legal framework would be useful to normalize the situation. However, from his statements, no legislation has been proposed or approved. As with any judicial movement, the country's supreme court issued a decision annulling the decision of a lower court to protect the Orionx crypto exchange and to ensure that a bank reopen the exchange accounts. The court has declared that cryptocurrencies do not have "physical manifestation and no intrinsic value".