The Chilean Court of Appeals recently ruled in favor of crypto exchange Orionx, stating that the Chilean state-owned bank, Banco Estado should reopen the exchange’s account.
The court accepted the appeal filed by Orionx against Banco Estado, who closed the company’s account in late March, citing a “lack of regulatory recognition of cryptocurrency trading” as its justification.
Within the ruling by the Court of Appeals, are remarks calling the bank’s original decision to close the account an “arbitrary and illegal action”.
In late April, Chile’s anti-monopoly court – a separate court from the court of appeals, ruled that two banks, one being Banco del Estado de Chile, had to reopen the accounts of another cryptocurrency exchange Buda.
In all, it seems as if the country of Chile is opening up to crypto. Even the Central Bank of Chile’s president has announced that there is some consideration for developing regulatory framework for cryptocurrencies. Time will tell.