Chilean Banks to Re-Open Cryptocurrency Exchange Accounts

Few days back, Chilean central bank has shut down accounts of top cryptocurrency exchange without any intuitions. The Buda, Chilean cryptocurrency exchange had persuaded a court to order the re-opening its accounts temporarily.

According to Bloomberg, Chile’s anti-monopoly court has ordered Itau Corpbanca and Banco del Estado de Chile. The country’s central bank to re open Buda’s accounts while the exchange’s lawsuit continues against 10 banks. However, Buda crypto exchange sued the banks after what it said was an “unjustified closing its accounts.

In Chile, the cryptocurrency trading services are Buda, OrionX and CryptoMKT were closed last month. Although, OrionX stated that there was no explanation from banks after the sudden dismiss of crypto trading services. But, the CryptoMKT Spokesperson citied that their bank had informed them they had instructed not to open accounts.

Guillermo Torrealba, Buda CEO said in an interview,

“Chile is showing its “B” side, that of being an extremely conservative country, even though we make huge efforts for the world to see us as liberals”.

He said, Torrealba said there is no laws or legislation governing crypto services in Chile. But the banks have not stopped from arbitrarily deciding to become regulators of the industry.

He explained:

“There hasn’t been one regulator, legislator or government official saying that cryptocurrencies aren’t legal, it was just the decision of a very powerful sector of the economy: the banking industry”.

However, the backlash over the decision, the banks involving that yet to respond to public requests for clarification .

What are your thoughts on no laws and legislation governing crypto services in Chile. Lets discus on Twitter and Telegram.

Image Source: Chile Central Bank

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