CENTRAL BANK OF CHILE: “CRYPTOCURRENCIES WILL NOT REPLACE TRADITIONAL MONEY”
Representatives of the Central Bank of Chile do not believe in the possibility of replacing conventional money with cryptocurrencies. They said this in a report provided at the request of the Chilean court for the protection of free competition (TDLC), which is involved in the dispute between cryptocurrency exchanges and banks in the country.
The Central Bank of Chile noted that bitcoin and other major cryptocurrencies have been created as an alternative to Fiat funds, but are at an early stage of development and it is unclear what the evolution of digital money will lead to. However, the Central Bank of the country is still skeptical about the future of the industry.
Recently, the Chilean service added a special section to the annual tax return, which describes the income from cryptocurrency transactions. Already this year, Chilean citizens will have to report on the income received with the help of cryptocurrencies.