Chile Moves a bit Pro-Blockchain and Crypto in Two Decisions

Chile Moves a bit Pro-Blockchain and Crypto in Two Decisions

Blockchain and Cryptocurrencies are not only a matter of developed countries but also of those that want to have their seat in the new economy. Chile is a sample of that, where a battle is being fought.

A battle between the traditional banking system and new digital assets and currencies platforms is happening in Chile, following a decision of a Chilean Supreme Court judge reported by Cryptimi on December 5, that said crypto exchanges accounts to remain closed.

Now, Anti-monopoly Court ruled to keep crypto exchanges bank accounts opened. Tribunal de Defensa de la Libre Competencia (TDLC) voted in favour to maintain accounts working in a proper manner as a grant of protection to local cryptocurrency exchanges.

The next chapter in this battle will be held in February when the TDLC will meet with both parties.

Long story short, traditional banks do not want to lose a part of their businesses due to the new competency from cryptocurrency exchanges in Chile. So, back in 2018, they decided to close cryptos accounts in the Banco del Estado and Itau Corpbanca.

Then a court ruled in favour of crypto exchanges as it provided protection to BUDA, Orionx, and CryptoMarket, the companies affected; however, in December, the Supreme Court in Chile ruled against crypto exchanged and ordered all accounts to be closed.

The decision was taken as cryptocurrencies are not backed by any government or company. “While there is no regulatory recognition of the activity, this, in order to comply with legal regulations and that emanated from the entity mandated by law to monitor it, which seeks to prevent the bank and its products from being exploited in order to carry operations of money laundering or terrorist financing, among other possible risky activities”

Finally, all has changed with the new decision of the Anti-monopoly Court. Next chapter will be in February.

Stay tuned!

Chile moves into a Blockchain solution for Tax Collection

Also in Chile, the Treasury Office launched a blockchain platform to process payments and make it easier, more accountable and efficient.

The idea behind the “Proyecto Blockchain” is to have a platform that allows the different providers and payment collectors to work in the same line and to show more accurate numbers.

The project will provide the Tesorería General de la República (TGR) with a real time, trustable, transparent and safe tax collection system that will reduce missing information to “practically zero” according to the press release.

In this line, the Chilean Parliament is working on a bill for the adoption and promotion of Blockchain technology.

Recently Similar News

casinoin-promotion etoro-promotion

Latest Guides

Latest News

AvaTrade,Bitcoin,Investment,Market Decrease

AvaTrade Describe Bitcoin as “Safe Haven” From Market Turmoil

After a disastrous week for investment following the huge sell-offs in crucial international markets due to growing coronavirus concern, many are concerned about trading in this current climate. However, Avatrade is arguing the contrary and see the current situation as an opportunity for investors. They had already shared this belief earlier this week when they […]

28 February, 2020
KuCoin,Margin Trading,Promotion

KuCoin Launch 3 Ultra-Low Interest On Leverage Activities

Any traders looking to get involved in some crypto margin trading should make sure they are at KuCoin from today onwards. This is owed to the platform’s launch of 3 Ultra-Low Interest for Leverage Activities on their margin trading service – which was rolled out at the end of 2019. The activities will begin today, […]

27 February, 2020
DeversiFi,Metal Trading,Stablecoin,Tether

DeversiFi Have Listed Tether Gold (XAU₮) In World First Listing

DeversiFi have listed Tether Gold (XAU₮) making them the first non-custodial exchange platform to do so. The formality of the listing occurred two days ago and so this means that any traders hoping to buy, sell or store Tether Gold (XAU₮) can head over to DeversiFi immediately and do so by making use of a […]

27 February, 2020
Investment,IQ Option,Trading

Avoid Trading Mistakes with IQ Option

The world of trading is one that is predominantly about trial and error and in their latest blog post, the trading platform, IQ Option have explained how to avoid the latter. IQ Option are a firm that are continuously helping traders learn to trade more efficiently. Whether that is by informing them about good trading […]

26 February, 2020
AvaTrade,Investment,Market Decrease,Trading

Market Sell-Off Was “Overreaction” Says Avatrade

Yesterday, the US market saw its worse sell-off in two years due to fears that emerged about the Coronavirus spreading. However, Avatrade have stated that traders should not be too concerned about these numbers. Although Avatrade has been somewhat pessimistic about the role of the Coronavirus and what it might do the global economy in […]

25 February, 2020
Binance Research,EOS,Investment

Binance Research Asks, “Is EOS Too Centralised?”

In the latest piece of research from the exchange platform, Binance they have asked whether the highly ranked EOS crypto project is too centralised. Specifically, this question was conceived and analysed by Binance Research who are well-known for their various reports that give an insight into different market trends and what they mean for the […]

24 February, 2020
Coinbase,Coinbase PRo,Listings,Updates

KNC Now live on Coinbase Pro

It has been announced by Coinbase that the Kyber Network (KNC) will go live on the platform as of this week. During the last quarter of 2019, news from the Coinbase camp came at an uncharacteristically slow pace. There were very few updates to the platform and hardly any new listings for traders to embrace […]

23 February, 2020
Investment,IQ Option,Technical,Trading

IQ Option Explain Why You Need a Trading Journal

Keeping track of your trading is a necessity. However, is a trading journal the best way to go about it? Well, according to the CFD trading platform, IQ Option, for most people it is. In fact, the platform describes trading journals as a “must” for a “successful goal-oriented trader”. Indeed, it is clear to see […]

22 February, 2020