The Chilean Court of Appeals has just ruled in favor of Orionx, a crypto exchange that was recently brought into court resolving an issue that the state bank Banco Estado should reopen the company’s deposit account, as reported by local news outlet La Tercera on July 12.
The Court of Appeal’s Fourth Chamber of Santiago accepted the appeal filed by Orionx against the state-owned bank, which apparently shut down the company’s deposit account in March. The bank also cited the lack of “regulatory recognition” of crypto trading as the reason why.
The appeal was resolved to reverse the desition and Banco Estado now needs to activate the deposit account of crytpo exchange Orionx. The Court noted that the bank’s decision to shut it down an “arbitrary and illegal action, which constitutes a deprivation of the right protected by Article 19 No. 2 of the Political Constitution of the Republic, that is, the right to equality before the law.”
Similar cases occurred previously with Banco del Estado de Chile and Itau Coprbanaca which both had to activates accounts of another crypto exchange called Buda.
The president of Central Bank of Chile, Mario Marcel, recently announced that they’re considering developing a framework of regulatory standards for cryptos, as many other countries are doing where crypto is still relatively new but expanding. Chile is just following suit and establishing some baseline rules for investments and trades in cryptocurrencies. No harm no foul.
Analytical. Paranoid. OCD. Interested in the world of crypto and how it affects our current world and future. New to investing, not so new to know how crypto works and influence the world of fiat currency. Blockchain is my second wife.
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