Chile looks like it could be another player in Bitcoin game theory by creating its own Strategic Bitcoin Reserve. Chilean deputy, Gael Yeomans has proposed forming a "Bitcoin bench" in the Chilean Congress, which would focus on promoting Bitcoin research and introducing regulations. So far, over 20 lawmakers have also participated in meetings exploring this initiative. This group was supported and helped set up by nation-state Bitcoin mining lobbyist, Andrés Villagrán and Satoshi Action Fund CEO Dennis Porter.
In regards to the group's action for pushing for a reserve in the face of the Chilean central bank's recent denial of adding BTC to its reserves, Villagrán stated, "In 2025 we will have meetings with the Ministry of Finance to present specifically the strategic bitcoin reserve, as well with all Senators and Deputies, so that Chile can be one of the first countries where bitcoin is an essential part of the country’s economy." Although the central bank has expressed concerns over Bitcoin's volatility, Villagrán has noted that Chilean law permits the central bank to hold Bitcoin.
The push for an SBR in Chile comes in competition with Brazil who is exploring their own Bitcoin accumulation, and El Salvador who has been consistently buying Bitcoin since September 2021.
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