PROMINENT Chilean cryptocurrency exchange Buda persuaded a court to order the re-opening of its accounts at two major Chilean banks.
Chile’s anti-trust court published the ruling on its website, ordering state banks Banco del Estado de Chile and Itau Corpbanca to re-open Buda’s accounts. Buda’s accounts were frozen at 10 different banks, and all ten are facing lawsuits from the exchange.
The Chilean exchange believes the accounts were frozen unjustly.
Orionx and CrytpoMarket followed suit earlier this month by taking legal action against the aforementioned state banks for a biased encroachment on the exchange’s accounts.
The exchanges claim that the existing banking cartel has taken partisan action in Chile that’s “killing the entire industry.”
Buda CEO Guillermo Torrealba said that “while Chile would like to show itself as open and liberal to new technologies, the veneer is thin.”
According to Torrealba, despite an uproar in the media, banks refuse to respond.
He went on to claim that the authoritarian banking sector in Chile is possibly damaging the crypto ecosystem worse than the state backed onslaughts in China, Ecuador, Bolivia Iran, and India.
Torrealba reiterated that there is no active legislation to prohibit crypto firms from operating traditionally, rather the banking syndicate has taken on the role of an omniscient regulator.
The irony is that this is exactly the situation cryptocurrencies like Bitcoin were designed for. Cryptocurrencies and decentralized networks are sure to dismantle global finance as we know it, and backlash is to be expected.
These domineering attacks are all the more reason for mass adoption of peer to peer networks and decentralized ecosystems.
The futile actions of a few crony banks will do little to prevent the macro-evolution of commerce and finance that comes with cryptocurrencies.