The Chilean cryptocurrency market “Buda” convinced the court to order the re-opening of bank accounts for cryptocurrency exchanges

04/26/2018

Antimonopoly court in Chile published a ruling on its website, ordering the state banks Banco del Estado de Chile and Itau Corpbanca to re-open the bills for the “Buda” exchange. Buda sued the banks after banks broke the law by closing their bank accounts.

This month a group of exchanges in Chile filed a lawsuit against banks’ decision to close accounts. Buda and Orionx argue that the banking system has taken unilateral actions in Chile that “kill the entire industry”

Bud director General Guillermo Torrealba said that:

“Chile shows its other side that it is an extremely conservative country, despite the fact that we are making great efforts to make the world perceive us as liberals”

According to Torrealby, despite protests in the media and on Twitter, banks refuse to answer because they do not know what to say and admit defeat to the new technology is like a shot at the knee. He says that the powerful banking sector means that the cryptocurrency environment can not be fully developed.

Torrealba stressed that there are no regulations or judgments that would prevent the normal functioning of cryptocurrency companies, and the banking sector has taken over the role of a hegemonic regulator that tries to stay in power at all costs:

“There was not a single regulator, legislator or government official who would say that cryptocurrencies are not legal, it was only a decision of a very powerful sector of the economy: the banking sector, which is afraid for its capital”