Chilean Banking Regulator Enlists in R3 Blockchain Consortium

The Superintendency of Banks and Financial Institutions of Chile, one of its two banking regulators, is partnering with R3 as a regulatory member.

AccessTimeIconSep 29, 2017 at 10:00 a.m. UTC
Updated Sep 13, 2021 at 6:58 a.m. UTC

A Chilean banking regulator has joined the R3 distributed ledger consortium.

The Superintendency of Banks and Financial Institutions (SBIF), one of two organizations that oversee the South American country's banking sector, confirmed its participation in the project this week, indicating its desire to learn how companies and government agencies can use the technology in their processes.

The regulator's superintendent, Eric Parrado Herrera, said in a statement:

"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."

Notably, the SBIF isn't the only oversight authority to have joined the consortium to date. In April, Quebec's financial regulator, Autorite des marches financiers (AMF), also announced it had become a member as part of a fact-finding effort.

At the time, an official at the agency echoed Parrado's comments, saying that regulators need to broaden their knowledge base as new technologies like blockchain drive potential change.

"We need to build internal knowledge to have a critical eye and really understand these different use cases," Lise-Estelle Brault, senior director derivatives oversight at the AMF, previously told CoinDesk.

Presidential palace image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.