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Chile's Ministry of Finance to study regulation of cryptocurrencies

Chile's Ministry of Finance is studying the regulation of cryptocurrencies in the country amid growing debate on the matter, Pulso reported.

According to Finance Minister Felipe Larraín, the development of virtual currencies is an issue that has only been dealt with at an international level. He added that the ministry is working together with Banco Central de Chile on how to approach the matter.

Cryptocurrency platforms BUPA and CryptoMKT recently decried the lack of defined rules that cover the industry after some banks closed their accounts and advised not to open any account related to cryptocurrencies. The companies have asked banking and financial institution association ABIF to formulate a transparent position on the matter, by defining whether cryptocurrency firms will be allowed or prohibited to have access to banking services.

Responding to the issue, Itaú CorpBanca CEO Milton Maluhy said that the bank is not against the new technologies although the industry should be subjected to further regulation. Itaú Corpbanca is one of the banks that closed the accounts of the cryptocurrency platforms.

Maluhy said that both ABIF and the central bank have noted that the issue requires "a more specific and deeper regulation."