Chilean Anti-Monopoly Court Grants Protection To Local Crypto Exchanges And Their Bank Accounts
Breaking: Chilean Anti-Monopoly Court Rules In Favor Of Local Crypto Exchanges
In what can only be considered to be a landmark decision for the global crypto community as a whole, the Chilean anti-monopoly court has recently released an order that “grants protection” to local cryptocurrency exchanges by forcing banks to keep their accounts open— thus allowing these altcoin trading platforms to function normally despite growing pressure from certain “lobby groups”. ,
In relation to the matter, Buda— one of Chile’s crypto exchanges to be affected by the recent government restrictions— released a statement which noted that the country’s Tribunal de Defensa de la Libre Competencia (TDLC) had passed a judgement that lay in favour of crypto firms (thus reversing the previous ban set in place by the nation’s highest court authority).
More On The Matter
While still not out of the woods completely, it is expected that the TDLC will have its next couple of hearings sometime during February 2019. During this time, the court will once again take into consideration the arguments put forth by various top Chilean officials (including the nation’s Finance Minister of Finance, Minister of Economy etc).
It is also worth mentioning that the TDLC’s latest judgement comes in response to a previous verdict that was passed by the Chilean Supreme Court last December. As part of the ruling, the SC had “insisted” that the country’s banking institutions had “legal rights not to provide services to crypto exchanges”– since crypto assets did not lie under the purview of any existing national laws.
As a result of the SC’s verdict, many of Chile’s top banks including Banco del Estado and Itaú Corpbanca had sought to shut down all of their crypto-associated bank accounts — a decision that did not go down well with the nation's growing digital asset community.
As some of our regular readers may remember, earlier in March (2018), crypto exchanges CryptoMKT, Buda.com and OrionX had complained to local media outlets that their bank accounts were being frozen unlawfully by the nation’s top financial bodies. At the time, the country’s Finance minister said that he would work to “devise a regulatory framework in the coming future so as to sort out this issue”. However, as things stand, no major progress has been made in regards to the matter.