Chilean Central Bank: Cryptocurrencies Are Unable to Substitute Fiat Money

The Central Bank of Chile issues a detailed report on cryptocurrencies, stating they have no potential to substitute traditional money.

The Central Bank of Chile (BCC) believes that cryptocurrencies are unable to substitute traditional money, according to an in-depth report on crypto issued Feb. 7.

The document, signed by the central bank’s president Mario Marcel, was prepared upon request of the Tribunal de Defensa de la Libre Competencia (TDLC). The TDLC is an independent anti-monopoly institution established to ensure that free competition rules are not violated in Chile. The organization actively participated in a recent legal battle between Latin American crypto exchanges and Chilean banks.

As per the BCC, Bitcoin (BTC) and other major cryptocurrencies that were created as alternatives to fiat money, are now at an early stage of development. Therefore, it is difficult to predict whether or not…

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2019-02-12 22:30:00

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Written by Cointelegraph

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