[2018-05-31]Court Orders Chilean Banks to Reopen Cryptocurrency Exchange Account

[Vladdirescu87]

Three major banks in Chile have been ordered to reopen current accounts of cryptocurrency exchanges, Buda.com, and Cryptomkt, and one bank has immediately yielded assent. Buda, Chilean cryptocurrency trading platform convinced a court to give a détente in its dispute with banks.

Martin Jofre, founding partner of the cryptocurrency platform confirmed that Bancoestado, Chile’s only public bank finalized the first reopening of a current account for Cryptomkt.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/chilean-banks-to-reopen-cryptocurrency-exchange-accounts/

[Harlot]

Talk about acting on their own. I don't know their bank policies or any kind of their limits but closing an account for no valid reason is not a good and their reason about closing their accounts because of "regulation of cryptocurrencies was highly needed" does not mean they can act on their own and close their accounts. Commercial banks are not connected in law or regulation making. Hopefully the remaining banks will have the same order for opening up their bank accounts. This is clearly an act that they are terrified of this kinds of businesses.

[audaciousbeing]

Three major banks in Chile have been ordered to reopen current accounts of cryptocurrency exchanges, Buda.com, and Cryptomkt, and one bank has immediately yielded assent. Buda, Chilean cryptocurrency trading platform convinced a court to give a détente in its dispute with banks.

Martin Jofre, founding partner of the cryptocurrency platform confirmed that Bancoestado, Chile’s only public bank finalized the first reopening of a current account for Cryptomkt.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/chilean-banks-to-reopen-cryptocurrency-exchange-accounts/

From what I have been reading, it seems the judiciary has been the saving grace for most countries at least in the short term. Decisions have been reversed, so also pronouncements have been made which have been in favour of crypto as we await for others countries such as Brazil, India and other countries that have decided to take matters into their own hands without following due process.

From all indication, it seems the judiciary has been the unbiased umpire but it won't last for long which is why the legislature should be who we should be mounting pressure on rather than rejoicing on this. The legislature can establish a framework that would be applicable long-term and solve lots of issue at the same time meet both parties at the middle.

[felixesteban]

If the exchanges weren't involved in any fraud, that is a very good decision. It can be seen as a sample decision for exchanges in other countries. On the other hand, governments must control exchanges and keep them under control. There's always to be a struggle against malicious people.