Why the Chilean government gave $40K to a local Bitcoin exchange

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The new Chilean Bitcoin exchange SurBTC might have kicked-off operations very recently, but it has already conquered the trust of the country’s government.

Although the company faced a lot of opposition from banks in the beginning, it eventually found a cryptocurrency-friendly banking partner based in Chile. However, SurBTC’s evolution really picked up speed thanks to the support provided by the Chilean government.

The country’s authorities also decided to back the exchange by giving $40,000, within a state initiative created to boost startups. According to the exchange’s CEO and co-founder, Guillermo Torrealba, the team involved in the projects feels this support is an “extraordinary validation.”

“We are interpreting this ‘responsibility’, offering a very transparent, secure exchange and open to other entrepreneurs to connect and develop their own solutions. This is the only way that people can forget the scams that have been.”

Torrealba, a Chilean businessman, believes SurBTC can definitely grow and expand its services thanks to the official support.

For now, the exchange plans to add US dollars to the platform’s list of currencies (which only includes Chilean pesos for now), as well as expand into other South American nations. Ultimately, Torrealba and founding partner Augustine Feuerhake want SurBTC to become the main exchange operating in Latin America.

In other geographically-related news, Latin America’s Facebook rival – social network Taringa! – has integrated Bitcoin in a special way. The platform is now using cryptocurrency to pay to its local content-providing members.

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Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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