Chile Quiere Bitcoin: Legislators Rally Around Strategic Bitcoin Reserve Proposal

Chile to Consider Strategic Bitcoin Reserve Proposal This Year

Chile, a country not widely recognized for its cryptocurrency adoption, is setting its sights on becoming a bitcoin-friendly nation in 2025. Gael Yeomans, a Chilean deputy, has proposed establishing a bitcoin bench in Congress—a dedicated group to spearhead bitcoin research and develop crypto regulations.

Over 20 lawmakers have already participated in discussions to advance this initiative. The group's aim is to position Chile as a leader in cryptocurrency adoption and regulatory development within Latin America and beyond.

A Collaborative Effort for Bitcoin Advancement

Andres Villagran, one of the initiative's key advocates, played a pivotal role in forming this group with the assistance of Dennis Porter, CEO of the Satoshi Action Fund. In 2024, the group introduced the concept of a strategic bitcoin reserve to various deputies, laying the groundwork for this year’s efforts.

Villagran emphasized the group’s ongoing commitment to promoting bitcoin within Chile’s current administration. On social media, he remarked:

"In 2025, we will have meetings with the Ministry of Finance to present the strategic bitcoin reserve, as well as discussions with Senators and Deputies, so that Chile can become one of the first countries where bitcoin is an essential part of the economy."

Potential Challenges Ahead

Despite this momentum, the initiative may face resistance from Chile’s central bank. Central bank officials recently dismissed the idea of adding BTC to national reserves, citing concerns over its high volatility.

Read more: No Bitcoin! Central Bank of Chile Rejects Adding BTC as a Reserve Asset

Regional and Global Context

Chile’s move mirrors a growing interest in bitcoin as a strategic asset across Latin America. In November, Brazilian lawmakers proposed allocating 5% of the country’s foreign reserves to bitcoin, aiming to safeguard against economic uncertainties.

Read more: Brazil Introduces Bill to Establish Strategic Bitcoin Reserve

El Salvador remains the pioneer in this arena, having accumulated over 6,000 BTC under President Nayib Bukele’s bitcoin-focused policies. Chile’s efforts to follow suit could solidify its place as a forward-thinking nation in the global cryptocurrency landscape.

The success of this initiative could mark a significant milestone for Chile, aligning it with other nations embracing digital currencies as a hedge against financial instability and as a tool for economic innovation.