While the world cryptocommunity is bracing itself for the decision of India High Court about the legitimacy of using virtual means of payment, Chile already has 5000 selling points accepting it. And yet not long ago the situation in this South American country was the same.
Here is the background: in March this year a number of Chile banks including state bank - Banco del Estado de Chile - have closed the accounts of several crypto exchanges. Aggrieved businessmen sued lending institutions.
"They are killing the whole industry. It is making it impossible in Chile to buy and sell cryptocurrencies through safe companies. We will go back in time and will make personal deals. This is a real outrage", - said Guillermo TORREALBA, President, BUDA crypto exchange.
Judicial body sided with plaintiffs. The defence of respondent banks about exchanges being allegedly involved into money-laundering didn't help. Judiciary took plaintiffs' side.
Then Governor of the Central Bank of Chile Mario MARCEL during his speech to the Financial Committee of Chamber of Deputies of Chile emphasized that his administration was reviewing proposals on a legal regulation of crypto industry and expressed the hope that "regulatory measures conformed to standards and mechanisms aimed at improving market transparency."
India and Chile are developing countries, but that's where the resemblance stops. Growth of GDP in India is higher than that of Chile, 7-7,5% a year against 3,5-4%. But the literacy rate in South American country is sufficiently higher - 96,6% against 72,2%. As well as number of people living in cities 67% against 27,3% in India. What they have in common is the pursuit to develop digital economy.
Since March of 2017 the task force comprising BP Kanungo, Deputy Governor of Reserve Bank of India (RBI) and Ajay Tyagi, chairman of Securities and Exchange Board of India has been working on cryptocurrency draft laws. So the appearance of normative documents is just around the corner.
By the way, after the decision of court in Chile, which took place in April, the number of selling points accepting cryptocurrency has increased from several dozen to 5000. And it's of three and a half months! Now imagine, how many enterprises making crypto calculations will appear in case of positive decision of India High Court, if there is 90 times more people of that country than in Chile?! Clearly, there is going to be a crypto explosion.