I received article that described the situation of cryptocurrencies in Chile. I found the article interesting and used google translate to translate to English.
The year of cryptocurrencies
2017 was called in Chile 'the year of cryptocurrencies' due to its popularity and popularity. This 'boom' witnessed the biggest rise in Bitcoin and its fall, when Chileans were beginning to invest in digital money. The possibility of creating Chilean cryptocurrencies from the BTC, motivated young Chileans to dare this way.
Next, we show the Chilean cryptocurrencies and summarize the legal problem they caused in the last time. The Chilean cryptocurrencies have in common the adaptation of some informal Chilean expression to the name of the digital currency.
Here we find the Chaucha, the Luka and, without really being a cryptocurrency, the WEA token. Chileans tend to use this type of words in order to make the sentence pronounced more picturesque and sympathetic. With the arrival of digital currencies, it was to be expected that Chilean idioms would have some particular space in their names.
1. Chaucha: a pioneer in Chilean cryptocurrencies
Chaucha was the first cryptocurrency in Chile based on Litecoin, created by César Vásquez and Camilo Castro, in 2017. Chaucha refers to a group of small coins without much value, such as a set of coins of 1, 5 or 10 Chilean pesos. Then, the creators adopted this expression to the new cryptocurrency.
The mere fact of naming it like that, caught the attention of the people. His popularity grew along with the great publicity that the media gave him. Undoubtedly, the name Chaucha for a new currency did not leave anyone indifferent and that made it acquired by people of all ages.
Fluctuation in 2017
By November 2017, it had already reached a significant increase. Although with the decline of the BTC, people began to doubt this new type of money and to this day has not returned to that golden age. The creation of the Chaucha coincides with the beginning of the judicial conflict of the banks, not so much because of the presence of Chilean cryptocurrencies and their exchange for the Chilean peso, since at that time Surbtc (current Buda.com) had been for some years.
The conflict began because the creation of the currency and its nominative brought a lot of Chilean public and many transactions of pesos and beans were made. Interest in digital currencies grew in scale. La Chaucha can be purchased at orionx.com, along with the most popular cryptocurrencies in the international market.
Blocking of Chilean pesos
With the beginning of the judicial problem, the creators of orionx.com were the most affected compared to other Chilean exchanges and were the ones who insisted most in the defense of cryptocurrencies. Unfortunately, their Chilean accounts were closed and currently they still can not find a solution to reactivate the flow of Chilean pesos. However, we believe that this situation will be regularized with the response that the courts have given in the last time.
On the website you can get all the digital tools and instructions to mine Chauchas from home. https://www.chaucha.cl/
The second in Chilean cryptocurrencies, was launched in March 2018 by Ariel Salas. Its name is inspired by the popular expression to call the bill of 1000 Chilean pesos, again following the line of keeping the name of the cryptocurrency as something close to the Chilean public.
Projections of the Luka
The Luka works basically like the rest of the digital currencies, but its greater anonymity stands out and its creator aspires to a progressive and sure rise. In addition, it has the ambition to expand its audience to an international level. The main purposes are to bring the Chilean public closer to the use of digital money to keep up to date in the international digital market. Luka is trying to establish another antecedent that can combine the characteristics of Chaucha and the growth of other digital currencies that are used in the rest of the world.
How to get Lukas
It can be mined with computers without too much power. The Luka can also be obtained at orionx.com, therefore, the same exchange of the Chaucha brings together these Chilean cryptocurrencies. Remember that the entry and exit of Chilean pesos are not available. Therefore, at this moment, to acquire Lukas it is necessary to buy them with other cryptocurrencies. https://www.cryptoluka.cl/
3. WEA: alternative to Chilean cryptocurrencies
WEA is the first Chilean Token of Ethereum, it can be exchanged like any other cryptocurrency with the difference that an ethereum purse is required. Its name supposedly is the acronym of World Exchange Asset but, if we stop in the name of its fraction 'weaita', we can see that the nominative has an inevitable association with the Chilean idiom par excellence. Undoubtedly, a curious and ambiguous way to call this new advance of digital money in Chile.
WEA is a project that seeks to bring blockchain technology to the Chilean public. To do this, it seeks to promote knowledge of the use of tokens and deepen knowledge of Chilean cryptocurrencies. This token is nourished by Etherium, so that the miners of that digital currency are the same ones who in the background will be "mining" WEA's. The creator wants to generate interfaces and frameworks based on blockchain but with a certain Chilean audience. WEA can be stored in any ether wallet that may have a public key. The creator recommends using MyEtherWallet, Metamask or the official wallet of Ethereum.org.
How to get WEA's
On the official page you will find all the necessary information to get it, in addition, an instruction step by step, because its process is more complex than the acquisition of Chauchas or Lukas. https://www.wea.io/web/
The judicial problem of Chilean cryptocurrencies
Before acquiring these Chilean cryptocurrencies, it is necessary to make a summary of the legal conflict that occurred in the last time:
- On March 29, 2018 Orionx.com received an email from BancoEstado that indicated the closure of its account due to internal policies and that they would not be reopened until there is a law that specifies the use of cryptocurrencies in Chile.
- On April 16 they had to close the Chilean peso markets, so far it is inactive. This practice was repeated with the other most popular exchanges, so legal cases were initiated by Orionx against BancoEstado, Buda against Itaú and CryptoMKT against Scotiabank.
The exchange companies filed an appeal in the Court of Appeals, which subsequently declared admissible and on April 25 ordered the banks to reopen the accounts of the exchanges for the duration of the trial. Then, the banks filed an appeal to change the court's decision, which was denied.
- On May 28 CryptoMKT reported that its BancoEstado accounts were already operational. And it is expected that in the next days the rest of the exchanges can activate their corresponding ones. Buda.com, on the other hand, was not as affected compared to Orionx.com, since it could continue selling Chilean pesos.
Amazon in Chile: dream or reality?
There is a tension regarding the future of Chilean cryptocurrencies and the situation points to a greater conflict in Parliament. The abrupt entry of the cryptocurrencies generated the concern of the national banks and the interest to regulate the matter. Undoubtedly, cryptocurrencies have made a great impact in the country and show their presence with strength. The digital currencies are just beginning and, if they overcome this legal conflict, it can presage an interesting future for digital marketing in Chile.
Original version in spanish:
Image source: www.leschaco.com
I'm curious about cryptocurrencies in Argentina, a local coin could become very popular.
If I find something I'll post it.