Chile requires clear regulation for the financial sector

Felipe Harboe, constituent member and former PPD senator, believes that banks have put barriers to certain financial services that are not within the traditional system because “they seek to defend their business model, which is to be the only intermediary and they have unjustly criminalized cryptocurrencies.”

According to what Harboe expressed, Chile is heading towards open banking and legislation is required to regulate the new challenges of security, protection of personal data and banking architecture, hence the importance of the proposed law called Fintech, so that financial services and technology companies can operate under a clear legal framework

According to what was expressed by the official, “if Chile really wants to make a leap to development, it cannot continue to be anchored to the business logic of the nineties. Therefore, given the volume of our market, it has to be a tremendously digitized economy and for Chile to become a center for the development of all kinds of digital instruments.”

The former senator explained: “We have had conversations with the Central Bank so that Chile has a digital regulatory ecosystem that has to do with data protection, Fintech Law, crowdfunding and cryptocurrencies. It is important that we all agree, Chilean society requires this process and I see a tremendous opportunity for development.”

Harboe recommends that within the principles established in the new Chilean constitution it should be indicated that the country “is a democratic and digital Republic”. He also considers it is important to include the promotion of “digital development in each of its operating spaces and facilitating the digital development of citizens and their intermediate bodies as a duty of the state.”

M. Rodríguez

Source: chocale.cl