Chile: banks demand the right to power, to the exclusion of Bitcoin exchanges

the The Supreme court of Chile has decided that banks, Bitcoin exchanges are allowed to refuse their Service. To contradict the previous judgment of the Tribunal de Defensa de la Libre Competencia (TDLC), stipulating that Exchanges protection speaks. Two banks are now demanding that the decision of the Supreme court. The struggle of the Chilean banks against Bitcoin exchanges.

Tanja Giese
26. December 2018ShareFacebookTwitterLinkedInxingemail

Chile wants to bring the Blockchain-development, and both in public institutions as well as in the energy sector of the technology benefit. With regard to the Bitcoin exchanges, the South seems to be American country, however, is less clearly set. "Blockchain Yes, Bitcoin no" is not an atypical attitude. The Chilean banks refused to allow the Exchanges in March of this year decided to their services and received by the Supreme court of the state of law. As local media reports, protects, however, the Tribunal de Defensa de la Libre Competencia (TDLC), Chile's Anti-monopoly court, the crypto-exchanges – to the Annoyance of the banks.

Bitcoin in Chile: The history

In March of this year, banks had the accounts of two crypto-exchanges, BUDA and CryptoMKT, without warning, closed. You want to have to do with crypto-currencies, nothing was the justification. Too great was the danger, to support illegal transactions. The numerous studies that refute this Thesis, they knew not this time apparently.

the crypto-exchanges called for in Chile, a clarifying regulation. Without this you are at the mercy of the Bank of arbitrariness. Minister of Finance Felipe Larraín confirmed that a crypto-regulation in development:

"We work together with the Central Bank in the framework of the Financial Stability Board and within the jurisdiction of the Ministry of Finance in the regulation of crypto-currencies."

Nevertheless, the Supreme court gave the banking law, and stated that they were authorized to contain crypto exchanges for their services. Then, the crypto-exchanges declared before the TDLC that the banks with this behavior of the free competition at risk. Accordingly, the court decided that the Exchanges should be protected and not just of the banking services are excluded.

Re-judgment test

to challenge This decision is to call the TDLC now, the banks Banco del Estado and Itau Corpbanca. Their lawyers say that crypto currencies are not regulated by Chilean law, whereby the provision of banking services to certain risks, including money laundering could bring. The TDLC is to exclude review this claim and decide whether banks can be allowed to crypto-exchanges as a client. A quick settlement could deprive the banks, however, your line of Argumentation. Who knows how long such regulators may take measures, according to be a little optimistic.