More countries back Blockchain but Chile doesn’t agree

More countries back Blockchain but Chile doesn’t agree

India, United Arab Emirates, and seven countries in southern Europe have backed blockchain technologies in the last days as governments, states and companies have made moves to promote the technology. The Supreme Court in Chile, on the other hand, has ruled against crypto exchange Orionx.

India is a new friend in the blockchain neighbourhood.

Andhra Pradesh, an Indian state, launched the Andhra Pradesh Innovation Society (APIS) this Wednesday with the intention to promote the blockchain startups ecosystem in the region.

In association with Eleven01 Foundation, APIS will work in the developing of a talent pool and new startups focused on Blockchain. Both companies have the vision to make India a blockchain hub. They want to develop the best blockchain talent pool and innovation in the country.

Mediterranean Europe backs Blockchain

Seven countries, no less, Italy, France, Spain, Greece, Cyprus, Portugal, and the Blockchain island Malta signed a declaration calling for help in the promotion of Blockchain technology.

Silvio Schembri, Jr Minister for Fin Services, Dig. Econ. & Innovation, announced the declaration on the internet as he tweeted that “@MaltaGov leads six other EU Member States to sign a joint declaration on cooperation on #blockchain technology. Proud to see the smallest nation in the EU taking a leading role. Thank you #France #Spain #Italy #Portugal #Greece & #Cyprus for your support.”

Explicitly, the declaration backed Distributed Ledger Technology, which one type is blockchain, as the signers believe it could be a game changer for southern European economies, historically behind the northern ones.

“We believe that Distributed Ledger Technologies could be one of the instruments that can help our countries transform their economies and society into truly digital ones and become a leading region in this sector,” the declaration says.

The paper, called “Southern European Countries Ministerial Declaration on Distributed Ledger Technologies,” says that the seven countries “view the digital sphere as an ideal policy area to embark on further cooperation.”

The document also highlights the “responsibility of the governments to ensure that their citizens fully understand the potential of emerging technologies and therefore promote and encourage educational programs on such technologies at all levels.”

Chile says stop to Orionx

Crypto exchange Orionx will get its account on a state-owned bank as the Chilean Supreme Court ruled it. The decision was taken as cryptocurrencies are not backed by any government or company.

Previously, the court ruled in favour of Orionx as it provided protection Orionx and ordered Banco del Estado to reopen its account. However, the decision was revoked as the Supreme Court is afraid of money laundering or illegal activities.

“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”

As reported by Coindesk, “The litigation started in mid-April 2018, when local crypto exchanges BUDA, Orionx, and CryptoMarket (CryptoMKT) applied to an appeals court to confront two banks, private Itau Corpbanca and state-owned Banco del Estado, that had shut down their platforms’ accounts. BUDA’s co-founder and CEO Guillermo Torrealba claimed at the time that the banks’ decision to close accounts was killing the entire industry.”

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