Why is buying BTC in Chile restricted (abbreviation for Chilean currency name)
Why is buying BTC in Chile restricted? According to Coindesk, Bitcoin trading in Chile is restricted. Because it does not have any information, laws, regulations, or other requirements provided by banks or securities regulatory agencies regarding the purchase or sale of digital currency In addition, due to the continuous growth and development of the country’s financial sector in the past few years, more and more citizens are now investing in encrypted assets. Therefore, some investors have turned to other countries. For example, Brazil, Canada and the United States are considering using Cryptocurrency for international payments. But now there is a view that the central banks of these countries may prefer this type of investment method. This may affect the interest of many locals in the encryption industry
The abbreviation of Chile’s currency name
The Chilean government announced that it would abbreviate the name of its Cryptocurrency as “bitcoin”. According to official statements, Bitcoin is known as the “peso” and its main function is as a means of payment and a store of value. Earlier, in the presidential election on January 27, Venezuela passed a law to recognize Bitcoin as the Fiat money. However, this decree did not prevent local investors from using it to purchase BTC and other digital assets, as this situation may lead to inflation and interest in Cryptocurrency. (CryptocurrencyNews)
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