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Author Topic: [2018-04-20] Chilean Banks vs Crypto Exchanges: Will Citizens Have Access to...  (Read 33 times)
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April 20, 2018, 12:20:20 AM

Chilean Banks vs Crypto Exchanges: Will Citizens Have Access to Technology?

Earlier this week, a group of cryptocurrency exchanges in Chile applied to the courts to fight the decision of banks to shut down their bank accounts. The exchanges, including Buda, Orionx, and CryptoMarket (CryptoMKT), state that the banking system in Chile is taking matters into their own hands and that they are “killing the entire industry.”

Banks Itau Corpbanca and Scotiabank announced the closure of the bank accounts of BUDA and CryptoMKT on March 19. A week later, the state-owned Banco del Estado de Chile followed the move by confirming the closure of the accounts of all three cryptocurrency exchanges.

Now, as the exchanges wait for their case to be heard, with some news set to emerge on April 20, according to BUDA’s co-founder and CEO Guillermo Torrealba. The exchanges are left puzzling as to why the banks feel they have the power to deny access to a new wave of technology.
Situation in Chile

Speaking to Cointelegraph, Torrealba outlines the cryptocurrency situation in Chile as precarious, and that the entire open and liberal feeling on this technology is not all as it seems:

“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.”

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