Mario Marcel, the president of Chile’s Central Bank, is considering regulating cryptocurrencies in the country in order to monitor risks, local news outlet El Economista reported Tuesday, May 15.

Cryptocurrencies in Chile are not currently considered as money or securities, but there are no laws in place that prevent citizens from exchanging crypto for goods and services.

During a forum of the Finance Commission of Deputies, Marcel said that “incorporating regulation will allow having a registry of participants in these activities and thus have information to monitor the associated risks”:

"These activities could be developed under more robust standards and mechanisms, especially in terms of market transparency, consumer protection, and prevention of money laundering and terrorist financing.”

At the end of March, Chilean crypto exchange Buda and Crypto MKT asked the Chilean Association of Banks (ABIF) to provide a clear position on crypto and crypto trading after some of their accounts were closed by various Chilean banks.

In mid-April, three Chilean crypto exchanges - Buda, Orionx, and Crypto MKT - went to an appeals court to protest this closure, which was seen by some as the banks using their power to curtail the cryptocurrency industry. At the end of April, Chile’s anti-monopoly court ruled that Buda’s accounts must be reopened at state bank Banco del Estado de Chile and Itau Corpbanca