Chilean Banking Regulator Joins Blockchain “Revolution in Evolution”

"Our times no longer allow for rigid, short-sighted and short-term regulations."

Superintendencia de Bancos e Instituciones Financieras SBIF), the banking regulator of Chile, announced today that it recently joined R3, as a regulatory member.

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Eric Parrado, Superintendent of Banks and Financial Institutions of Chile, said: “We are very interested in the possibility of participating as an observer in this global network. Financial regulators must make constant efforts to understand, encourage the creation and implement innovations through early discussions with institutions wishing to adopt these new technologies or with the entrepreneurs who are creating them.

Innovation should be included within the permanent lines of work of financial regulators. Our times no longer allow for rigid, short-sighted and short-term regulations. The “revolution in evolution” represented by blockchain technology will undoubtedly mark a turning point for financial systems and their users.”

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David Rutter, CEO of R3, comments: “We are pleased to welcome the SBIF on board as we continue to grow our global regulatory community. Close collaboration between regulators and the institutions they regulate is essential to developing a futureproof DLT platform that is born of real-world experimentation and use of the technology in question.”

Earlier this year IBM (NYSE: IBM) and Chile’s dominant stock trading venue Santiago Exchange announced a partnership to introduce blockchain technology across Chile’s financial sector. That agreement made the venue the first stock market in Latin America to apply the technology within its short selling system for securities lending.

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