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Chilean Court Orders Banks to Reopen Crypto Exchange Accounts

This court order was a result of a law suit filed by the exchange challenging the closure of the bank accounts of the exchange.

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Chilean Court Orders Banks to Reopen Crypto Exchange Accounts. According to Bloomberg report on 25th April, Court ordered the banks to re-open the accounts of the major Chilean Crypto Exchange, Buda.

The bank published the ruling on its website directing State bank Banco Del Estado De Chile and Itau Corpbanca to re-open the accounts of Buda. This court order was a result of a law suit filed by the exchange challenging the closure of the bank accounts of the exchange. The exchange filed lawsuits against 10 banks.

Chilean Court Orders Banks to Reopen Crypto Exchange Accounts

What Banks Did?

Earlier this month, the banks had shut down the accounts of the crypto exchanges, Buda, CryptoMarket and Orionx. Resultantly they moved to court to challenge the orders saying that the banks have taken unilateral action which will prove destructive to the entire industry.

Buda’s CEO Clear Stance on the Matter

The CEO of Buda, Guillermo Torrealba said in an interview with Cointelegraph that Chile should be more flexible and open to new technologies.

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

Torreala was complainant about bank’s cold and unresponsive behavior despite a massive outcry on the regular media and social media especially twitter. He further added that banking sector is making the environment for crypto and blockchain worse than even China, Bolivia and Ecuador.

He went on to say that there is no law that prevents operations of crypto exchanges or to direct against crypto trading. The closure of the bank accounts, he says, has been under a self-regulatory behavior of the bank.

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

While on the other hand, relevant institutions are eager to move in favor of crypto trading and transactions.

Please read this:  Nasdaq gives a green signal to become a crypto exchange

Have Crypto Exchanges become Aware of their Rights?

We have seen dozens of countries, their regulatory bodies and financial institutions putting different kind of bans on the crypto transactions and trading. The industry has rapidly grown in the past few months or a year and the volume of trade is dramatically high.

We all know that crypto currencies offer a faster way of transaction with no commission fee and added transparency and security. With all these features, even the countries who banned crypto trading are adopting blockchain technology and few of them even creating their own digital currencies.

Chilean Court Orders Banks: News from the Courts Seem to be Optimistic & Encouraging

All the stakeholders are worried on this ongoing “assault” from the governments and their respective institutions. Exchanges and crypto traders are pushed to the wall where they can neither trade nor make transactions with the financial institutions. Seeing the trade potential and other financial advantages of crypto trading, it’s really hard to stay away from the market because of these unjustifiable bans. It now seems that banks have come to action.

Earlier Indian court has sent notices to Central bank of India, RBI to appear before court for putting a ban on the banks to make transactions with exchanges or any entity dealing with crypto or digital currency.

Please Read Our Story: Indian Court issues notice to central bank for banning crypto transactions

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Tanveer Ahmad

Tanveer Ahmad is an experienced writer with deep insight into a variety of niches. His prominence lies in the detailed attention he puts to unveil the hidden aspects of his subject. His analytical approach to bring to the surface the futuristic possibilities of anything he writes about, especially on cryptocurrencies and politics are commendable. He eagerly wants a space to write about anything that could help humans develop positiveness in their behavior and to fine-tune their thought process to become an ambassador of peace, harmony, and love.

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