Banco Central de Chile proposes new regulations for stablecoins and digital payments

Rosanna Costa, President of the Central Bank of Chile, has announced plans to modernize the regulatory framework for low-value payment systems and introduce new norms for stablecoins. During the ChilePay Conecta 2026 event, Costa stated that the institution will convene working groups with industry representatives in the coming weeks to evaluate business models and regulatory alternatives before initiating a public consultation.

The proposed regulations will initially focus on the terms and conditions under which stablecoins can be issued within Chile. Subsequent discussions will address other uses, such as those involving foreign exchange or currency operations. This initiative follows a significant increase in digital transactions, with the number of digital payment operations per person growing ninefold between 2014 and 2026.

Separately, industry analysis highlights the technological challenges facing the Chilean banking sector. While consumer demand for digital services grows, approximately 92% of large financial entities still rely on legacy systems, with much of their critical data residing in mainframe computers. Experts suggest that modernization must focus on building architectures that incorporate new functions without disrupting essential operations or compromising security.