The closed crypto deposit account of cryptocurrency exchange Orionx will be reopened, thanks to the latest decision of the Chilean Court of Appeals. Banco Estada’s decision to close the account was an “arbitrary and illegal action.”
16 July, AtoZ Markets – The Court of Appeals in Chile has ruled out a decision in favor of one of the crypto exchanges in the country, Orionx. The court has been reviewing a case of the closed crypto deposit account of the company. As a result of the case, the court has ordered the state-owned bank Banco Estado to reopen the deposit account of the company.
Chilean Court of Appeals Orders a Bank to Reopen Crypto Deposit Account
The appeal filed by Oroinx cryptocurrency exchange has been received by the Fourth Chamber of the Court of Appeals of Santiago. The officials have accepted the appeal against Banco Estado. The latter has closed the deposit account of Orionx back in March. At that time, the bank has referred to the lack of “regulatory recognition of [cryptocurrency trading]” as reasoning for its decision.
Now, thanks to the ruling of the Court of Appeals, the state-owned bank Banco Estado will need to reopen the deposit account of Orionx. The Court has stated that the bank’s initial decision to close the account was 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.”
Earlier this April, Chilean anti-monopoly court has made a similar decision in regards to two banks – Banco del Estado de Chile and Itau Corpbanca. The banks had to reopen the suspended accounts of the cryptocurrency exchange Buda.
Chilean Blockchain Technology Adoption
In addition, this May, the president of the Central Bank in Chile, Mario Marcel, has announced that they are planning to develop a regulatory framework for cryptocurrencies. This initiative aims to improve the management of the risks that are associated with cryptocurrency trading.
Following on this, at the beginning of March, the Chilean National Energy Commission has announced that it will utilize Blockchain technology to certify the country’s publicly available energy data. The National Energy Commission of Chile has commenced the final preparations to launch a Blockchain data initiative. The Chilean initiative comes as an effort to record sensitive data in a distributed ledger in order to secure and modernize Chile’s electrical infrastructure.
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