Government Opinion

Cryptocurrency platforms in Chile get a short-lived favor from the court

Cryptocurrency platforms in Chile have a reason to smile after the court ordered banks to keep the accounts of these exchanges active.

This is seen as a turn of events since a previous ruling from the Supreme Court had ordered banks to stay their ground and stop offering services to cryptocurrency related companies. The latest ruling comes from the anti-monopoly court which has temporarily discarded the ruling given by the Supreme Court after OrionX and other cryptocurrency exchanges in Chile contested their accounts being closed by the country’s leading banks.

One of the affected cryptocurrency platforms, Buda, noted that:

The Court of Defense of Free Competition has just ratified its decision to keep open the bank accounts of the cryptocurrency platforms while testing whether banks have indeed tried to abuse their dominant position….the banks would have to reopen the accounts and keep them open for the duration of the trial, to ensure that eventual abuse of a dominant position did not produce irreparable economic damage to the cryptocurrency platforms while the accusation was proven.

As reported by Cointelegraph, the Court of Defense of Free Competition will be holding another session in February where it will give the banks and the cryptocurrency platforms a chance to air out their grievances in front of Chile’s Minister of Finance, the leader of the banks association, the Minister of Economy among others.

The decision to compel the banks to keep the cryptocurrency platforms’ accounts active was reached at after the anti-monopoly court members held a poll and most members sided with the cryptocurrency platforms.

However, it’s good to note that the reopening of the accounts is just temporary since a final verdict will be issued after the court considers evidence from both sides.

Do you think the cryptocurrency platforms are likely to win the case?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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