Chile Explores Strategic Bitcoin Reserve Amid Advocacy Efforts

Chile is considering integrating Bitcoin into its economic framework through the establishment of a Strategic Bitcoin Reserve (SBR).

Mining advocate Andrés Villagrán has been leading the charge, engaging with parliamentarians and government officials to highlight Bitcoin’s potential as a national reserve asset.

Villagrán’s efforts, supported by Dennis Porter of the Satoshi Act Fund and Simon Collins of Stackr, gained momentum in 2024. In November, they presented the SBR concept to key government figures, including members of President Gabriel Boric’s administration. Deputy Gael Yeomans proposed forming a bipartisan “Bitcoin Bench” to study Bitcoin’s potential and draft related legislation, signaling growing political interest.

However, the Central Bank of Chile remains skeptical, citing regulatory and IMF standards. Despite these challenges, Villagrán plans to intensify efforts in 2025 by engaging with the Ministry of Finance and lawmakers to solidify support.

If successful, Chile would join Brazil and other nations exploring Bitcoin as a reserve asset, positioning itself as a leader in cryptocurrency adoption in Latin America. Villagrán envisions Bitcoin playing a central role in Chile’s economic strategy, promoting financial stability amid global uncertainties.