Chilean Cryptocurrency Exchange Markets Lost Their Only Bank Support
Banco Estado, the last bank to support the trading of cryptocurrency in Chile, stopped its banking services in this area as of March 19th. The three cryptocurrency exchange markets in Chile, BUDA, CryptoMarket (CryptoMKT) and Orionx applied to the court on the issue.
According to local news agency El Mercurio, the financial institution has decided to work with companies that serve as a platform for so-called cryptocurrencies with the aim of exporting or brokering.
After Banco Estado, the last bank that performed trading transactions closed the accounts, Chilean cryptocurrency exchange markets, BUDA, Crypto MKT and Orionx, and the Chilean cryptocurrency community created a hashtag #ChileQuiereCryptos (Chile wants cryptocurrency) to maintain the purchasing and trading ability of “Chaucha and Luka”, cryptocurrencies locally launched. On May 27th, the exchange markets issued an open declaration to the country’s banking institution, the Banking Association of Chile (ABIF), to clarify its stance in the cryptocurrency sector. Claiming that it is not responsible for resolving the problem between banks and cryptocurrency exchanges, ABIF stated that these regulations are within the scope of special competence of each institution.
BUDA’s founding partner and CEO Guillermo Torrealba said that there was a trading of $ 1 million a day in his bank account before it was closed and that the resolution prevented buying and selling cryptocurrency safely in Chile.