Chile Eyes Building a National Bitcoin Reserve

More countries are open to the idea of building a national Bitcoin reserve.

More countries are open to the idea of building a national Bitcoin reserve. The next candidate: Chile. Several Chilean lawmakers are reportedly working on this, led by lobbyist Andrés Villagrán, a South American Bitcoin miner. This has been reported by the crypto portal CryptoDNES. In November 2024, several discussions with various government representatives reportedly took place, including members of President Gabriel Boric's current government and Representatives Andrés Giordano (Frente Amplio) and Juan Santana (Socialist Party). The initiative is supported by two American entrepreneurs: Dennis Porter, CEO of the U.S. non-profit Satoshi Act Fund, and Simon Collins, CEO of Stackr.

Right now, the Chilean central bank appears to have the main reservations. Meetings with her and other politicians are planned for this year. Since Donald Trump was elected president of the U.S., the idea of building a national Bitcoin reserve has been discussed more broadly. The U.S. is openly discussing it. And that sends a signal. If the Chile plan succeeds, the country would be one of the few in Latin America actively working on a Bitcoin reserve, after Brazil. Brazil unveiled a plan in 2023 to invest 5 percent of its foreign currency reserves in Bitcoin to hedge against economic uncertainties. There is also talk of clear and favorable cryptocurrency legislation in Chile.