“The end of Crypto Exchange in Chile?”
Updated: May 4, 2018
Chile is a country in constant development, the government has different initiatives to support and promote instances for entrepreneurs and new technology. President Sebastián Piñera, met last week with blockchain expert Don Tapscott, author of the book “Blockchain Revolution”. I wonder if the bank and crypto exchange situation in Chile ever came up?
According to https://www.df.cl/noticias/tendencias/tecnologia/pinera-se-reune-con-experto-en-blockchain-y-muestra-su-interes-en-el/2018-04-20/101741.html, the conversation between Sebastián Piñera and Tapscott addressed the requirements for an orderly development of this technology in Chile.
With that being said, the Organization for Economic Co-operation and Development (OECD), revealed that the data received between the years 2012 and 2016 Chile is the country with the highest percentage of entrepreneurs, according to http://www.biobiochile.cl/noticias/economia/actualidad-economica/2017/12/21/ocde-destaca-a-chile-como-el-pais-con-la-mayor-tasa-de-emprendedores.shtml . Until this point Chile seemed to be a place to do all sorts of business, yet for cryptocurrency entrepreneur it has been a rocky road.
In 2017 the Chilean Production Development Corporation (CORFO), a business incubator under Chile's Ministry of Economy, Development, and Tourism. The corporation, financed both Surbtc (now named Buda) and Cryptomkt, cryptocurrency exchanges with more than US $ 100,000 – according to
Last Friday Buda, crypto exchange company released a blog with their thought on the current closing of different Chilean bank accounts they had. They assure the Chilean constitution states
the right to develop any economic activity that is not contrary to morality, public order or national security, respect the legal regulations that regulate it. Having this information gave the entrepreneurs the idea that Chile would be an ideal place for this line of business, little did they know, the banks used their power and decided to close their accounts.
In this very detailed blog post from Buda, they let everyone know they have been always playing by the rules and going above and beyond to play fair.
This past Wednesday Buda, updated their clients through email letting everyone know that the court has just accepted their request in their lawsuit against the banks Itau and Banco Estado. During the lawsuit process the banks have been ordered to re-open the accounts.
What seemed to be a very dark road for the exchanges, just gave some hope to this cryptocurrency company. Meanwhile Buda will return to their normal services.
The battle is not over yet. Although there is a light at the end of the tunnel the battle is not entirely won with the banks, I guess we just have to wait and see what their next move.
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