Chilean Minister Supports Cryptocurrencies After Court Sided With Exchanges

The Chilean Minister of Economy has voiced his support for cryptocurrencies after the country’s anti-monopoly court ordered major banks to re-open the accounts of crypto operators. Three banks out of the 10 sued by local cryptocurrency exchange Buda have been ordered to re-open crypto exchange accounts.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Minister of Economy Supports Crypto

José Ramón Valente, Chile’s Minister of Economy, Development, and Tourism, “gave a signal of support to cryptocurrencies and those who operate them in Chile,” Diario Financiero reported on Friday and quoted him saying:

What interests us with cryptocurrencies is basically giving them the opportunity [to develop] because they are an important innovation that is happening in the world…You have to give them a chance.

“We cannot stay out of these innovations” or “outside of this economy of the future,” he emphasized, adding that by giving them a chance, “we are not the ones who artificially put a lock on them so they cannot happen,” the news outlet conveyed.

While advocating for giving cryptocurrencies a chance “so that they demonstrate their value,” he clarified that he does not support any parties involved in the conflict between banks and crypto exchanges. “We are not in favor [of] or against them, but simply see them as another innovation and we favor that there is this innovation, and that Chile does not close before the possible technological advances in the world,” he elaborated.

Scotiabank Next

The minister’s remarks came after the Court for the Defense of Free Competition (TDLC – Tribunal de Defensa de la Libre Competencia) ordered Banco del Estado de Chile and Itau Corpbanca to re-open the current accounts of Buda crypto exchange, formerly Surbtc.

On Friday, Diario Financiero also reported that the TDLC proceeded to issue the same order to Scotiabank to re-open the current account of another cryptocurrency operator, Cryptomkt.

Responding to the court’s order, Scotiabank said:

We excuse ourselves from issuing an opinion. However, we would like to point out that Scotiabank has high standards in the prevention of money laundering which are a regulatory requirement, which must be met by all bank customers without exception.

The bank added that in this particular case, the account was closed after the company “was asked to prove the origin of its funds, [and] it could not adequately satisfy them.”

Pablo Lorenzini, Christian Democratic Party deputy and president of the Finance Committee of the Lower Chamber, said following the TDLC’s orders, “we must legislate [cryptocurrencies] soon.”

What do you think of the Chilean Minister of Economy’s support for crypto and the court’s action? Let us know in the comments section below.

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