Banks in Chile have closed the accounts for three of the country’s cryptocurrency trading platforms, sparking fears of an outright blanket ban in South America’s wealthiest nation.
Chilean Banks Put Cryptocurrency on Ice
Cryptocurrency exchanges Buda, Orionx, and CryptoMarket have filed appeals to a Chilean appeals court following the unexpected closure of their bank accounts from Itau Corpbanca, Bank of Nova Scotia, and state-owned Banco del Estado de Chile. The appeals court has agreed to hear the exchanges’ cases.
The move from the three Chilean banks reflects what appears to be an overarching blanket ban on cryptocurrency exchange accounts in South America’s wealthiest country.
According to Bloomberg, cryptocurrency proponents are rightfully worried that such action reflects a governmental push to outright ban cryptocurrency trading and ICOs (Initial Coin Offerings). However, it is currently unknown whether or not the accounts’ closures came by the request of the Chilean government or not.
Guillermo Torrealba, Buda’s co-founder and chief executive officer, is one such individual worried that this move reflects a trend towards prohibition. He told Bloomberg:
They’re killing an entire industry. It won’t be possible to buy …
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