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

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

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

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

Latest Guides

Latest News

Binance,Blockchain,CoinMarketCap,Cryptocurrency

CoinMarketCap Launches Latest Earn Campaign With Helium

CoinMarketCap, the largest online market cap aggregator, has launched their latest Learn and Earn campaign with Helium. CoinMarketCap has launched their latest iteration of their Learn and Earn program in partnership with Helium. Learn and Earn is a program launched by CoinMarketCap that allows cryptocurrency users to learn about new cryptocurrencies and earn some of […]

25 October, 2020
Binance,Bitcoin,Cryptocurrency,Exchange Platforms

You Can Now Spend BNB and BUSD With All Shopify Merchants

Shopify, the all-in-one online commerce website, now allows all of its merchants to accept Binance’s tokens BNB and BUSD via Alchemy Pay. Alchemy Pay, a worldwide cryptocurrency payment solution provider has worked with Binance and Shopify to integrate BNB and BUSD for payments to all Shopify merchants. Shopify is the worlds largest e-commerce platform with […]

23 October, 2020
Cryptocurrency,Gaming,Kraken,Trading

Users Can Now Claim and Stake FLOW Token on Kraken

Kraken, the online cryptocurrency exchange, has implemented the ability for their users to claim and stake their FLOW tokens on the Kraken platform. Kraken, one of the largest online cryptocurrency trading platforms, has implemented the option for users to claim their FLOW tokens, as well as stake them on the Kraken platform. To claim your FLOW, […]

23 October, 2020
Bitcoin,Casino,Cryptocurrency,Gambling

Bao Casino Offers a Variety of Halloween Specials

Bao Casino, the online cryptocurrency based casino, has created a variety of giveaways and programs to celebrate Holloween. Bao Casino, the online cryptocurrency gambling site and casino, is hosting a variety of Halloween themed giveaways and events to celebrate the fast approaching holiday. One of the giveaways is the Trick or Treat from Spinomenal event, […]

23 October, 2020
Bitcoin,Cryptocurrency,Ethereum,Litecoin

Bitcoin Price Continues to Rise as PayPal Integrates Cryptocurrencies

PayPal, one of the largest payment processing companies in the world, has recently decided to integrate Bitcoin. PayPal, the online payment processing company co-founded by Elon Musk, has decided to allow their users to buy and sell cryptocurrencies. PayPal will be launching their own cryptocurrency application and service. After many years of seemingly rejecting the […]

23 October, 2020
Cryptocurrency

Cryptimi Announces Launch of German Language Platform

Here at Cryptimi, we are launching our newest news site in another language, in German. At Cryptimi, we work towards providing our users with the most up to date news and the highest qualify guides and exchanges. Due to the continued growth of our platform, we are happy to announce our newest Cryptimi offering, the […]

21 October, 2020
Changelly,Cryptocurrency,Trading

Changelly Helps Users Discover Where They Can Store Polkadot (DOT) Tokens

The Changelly blog has written an article helping their users determine the best places for them to store their DOT tokens. Changelly, the online cryptocurrency exchange, has created a new blog post to help users figure out where the best place to store their Polkadot (DOT) tokens. Polkadot (DOT) was created  by one of Ethereum’s […]

19 October, 2020
BitPanda,Cryptocurrency,Trading

BitPanda Announced the Launch of Their Own Cryptocurrency Index

BitPanda, the online cryptocurrency exchange, is launching what they call the first “real” cryptocurrency index. BitPanda, the large online cryptocurrency exchange platform, is launching what they say is the first “real” crypto index, which will be available on the BitPanda platform. BitPanda’s cryptocurrency index is very easy for its users to use and is completely […]

19 October, 2020