On Tuesday, October 3rd, the president of the Central Bank of Chile (BCCh), Mario Marcel, announced the Technology Observatory creation. It will be responsible for analyzing the incorporation of new technologies into the Chilean financial system. Marcel also affirmed that they will continue promoting, together with the Ministry of Finance, new regulations on cybersecurity to improve the resilience of the financial system. Marcel’s presentation can be accessed by clicking here.
Marcel explained that the entity’s objective is to promote the safe development of the financial market infrastructures. That is why he stressed the importance of facing two challenges: the fight against cyber-insecurity and the safe incorporation of new financial technologies.
Thus, he announced the creation of the Technology Observatory within the BCCh, which will seek to promote knowledge and the safe incorporation of financial technologies, based on international experiences. One of the first technologies to be evaluated will be the Distributed Ledger Technology (LDT), a subtype of blockchain used in Canada to regulate cryptoactives and crowdfunding.
The Central Bank’s President also informed that they will request a financial system evaluation from the International Monetary Fund and the World Bank in 2020. They will use it to make a diagnostic of the area in order to promote future reforms and to resolve possible vulnerabilities.