A Chilean opposition party leader has called for crypto to be officially recognized as an asset class and claimed he has ethereum (ETH) holdings – although he also calls himself a crypto “skeptic.”
Per a report from DF Mas, Giorgio Jackson, the founder of the Democratic Revolution political party, which has 10 seats in the lower chamber, plus a senate seat, explained that he owned a “small amount” of ETH, although he stopped short of disclosing the size of his investment.
Jackson was an engineer who spoke at the Buda cryptocurrency exchange’s event. And when discussing the idea of Chile following El Salvador’s lead in moving to grant bitcoin (BTC) legal tender status, said:
“I don’t deny the possibility of following the Salvadorian model, but I am skeptical.” There aren’t enough reasons to suggest that cryptocurrency should be legal tender in any country.
He argued for legal reform, saying that while there are still many regulatory issues in the sector, crypto tokens should be considered assets.
These issues were further discussed by he, including the need for fraud-fighting, consumer protection, bank rights to “veto”, and the ability of banks to carry out traceability tests in cases where tax avoidance or criminality may be involved.
Jackson also stated that crypto adoption plans are plagued by volatility issues. He also suggested that energy consumption problems, slow validation times and unstable trading costs could be barriers to mainstream adoption. The political leader stated that it would be difficult to address such issues as “the cure is worse than the disease” in certain cases.
Jackson stated that “innovation and technology” need to be taken, and that legislation related to fintech and cryptocurrency must be passed “as soon possible.”
According to him, he stated that fintech would not be exempt from government support. He also said that “we must examine how we can protect people.”
“We must pass a fintech bill and find a way to put it into practice. I believe the idea of allowing fintech to challenge financial institutions is fundamental.