Central Bank of Chile Rejects Bitcoin as Reserve Asset
The Central Bank of Chile has firmly rejected the idea of adding Bitcoin or any cryptocurrency to its reserves.
The bank stated that digital currencies do not meet the criteria set by the IMF for foreign reserve assets, which include security, liquidity, and quality. The Central Bank emphasized that international reserves should maintain economic stability during external shocks and crises, and digital assets like Bitcoin fail to meet these requirements due to their volatility.
Additionally, Chile’s legal framework limits reserve assets to gold, securities, and instruments issued by foreign states or international institutions.
Clever Robot News Desk 6th December 2024
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