As a crypto investor, I’m excited to share that several Chilean lawmakers are actively advocating for the creation of a Strategic Bitcoin Reserve (SBR). Andres Villagrán, a nation-state mining lobbyist, has been at the forefront of this movement, sharing updates via various platforms. In his latest communication, he detailed his meetings with numerous officials to highlight the potential economic advantages that Bitcoin could bring to our nation.
Chile’s Path To Bitcoin Adoption
In 2023, Villagrán began an amazing adventure with Bitcoin! He had discussions with more than 20 lawmakers and various ministers, advocating for the advantages of Bitcoin in Chile and its population. Furthermore, his efforts expanded significantly around mid-2024.
Villagrán’s initiatives receive backing from Dennis Porter, head of the U.S.-based philanthropy Satoshi Act Fund, and Simon Collins, leader of Stackr. Both individuals have previous experience in drafting laws and advocating for eco-friendly Bitcoin mining methods, as stated by Villagrán.
In early 2024, I initiated discussions with numerous deputies from the elongated, slender nation of Chile […] Around mid-2024, I crossed paths with Simon Collins and Dennis Porter. To capitalize on their prior experiences, we formed a partnership. They had both navigated this path previously; Dennis even introduced 30 bills to similar endeavors through the Satoshi Act Fund. Thus, I extended invitations to Chile for them to share empirical data from their research papers with parliamentarians and the Chilean government.
In November 2024, our team introduced the idea of a Strategic Bitcoin Reserve to various government officials. This group included representatives from the administration of President Gabriel Boric, as well as Andrés Giordano (Frente Amplio) and Juan Santana (Socialist Party), who were also present. The conversation drew parallels with previous initiatives in states such as Pennsylvania, Ohio, and Texas within the U.S., spearheaded by Porter. In simpler terms, we shared our plan for a Bitcoin reserve with government figures, referencing similar plans from certain American states.
Further, Deputy Gael Yeomans, representing the Social Convergence party within the left-wing Frente Amplio coalition, suggested establishing a “Bitcoin Caucus” or Bitcoin Group, whose main responsibilities would include conducting thorough investigations, studying international regulations, and preparing relevant legislative proposals.
Villagrán commended the idea, commenting: “Deputy Gael Yeomans suggested establishing a ‘Bitcoin Caucus’… In my opinion, it would be best if this ‘Bitcoin Caucus’ were positioned from left to right.
Although there’s been some movement towards establishing a Strategic Bitcoin Reserve, the Central Bank of Chile might encounter resistance due to its past skepticism about Bitcoin as a national reserve asset. Last December, the bank dismissed the idea, pointing out regulatory challenges and emphasizing that any potential reserve asset must meet criteria such as security, liquidity, and dependability, as set by the IMF.
Despite the central bank’s concerns, Villagrán continues to be hopeful. He has plans to engage in further discussions with the Ministry of Finance, as well as politicians from various parties, throughout 2025.
In 2025, it’s important to clarify that we will hold discussions with the Ministry of Finance, as well as every Senator and Deputy, to emphasize the SBR (specific details not specified) in particular. Our goal is to make Bitcoin a significant component of our nation’s economy by being one of the pioneering countries to adopt it.
Specifically, during his livestream with Porter, Villagrán pointed out that under Chilean legislation, the Central Bank is authorized to possess Bitcoin. Moreover, he revealed intentions to interact with the bank for talks on this matter later in 2021.
If the Chilean proposal gains support, Chile would join Brazil as the second Latin American country to recently consider such a move. Last November, legislators in Brazil proposed setting aside 5% of their foreign currency reserves for Bitcoin, with the intention of shielding their economy from potential uncertainties.
At press time, BTC traded at $99,260.
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2025-01-06 10:42