After years of denial, Chilean bank accepts bitcoin exchanges as clients

Cryptocurrency exchange Buda.com has opened a current account with Chile’s Banco de Crédito e Inversiones (BCI) and its peer CryptoMKT may do so soon, representing a milestone in a conflict that goes back several years. The dispute between the two sectors began after all accounts of companies linked to bitcoin (BTC) and other cryptoassets were closed.

According to announced the company, Buda.com was the first exchange to open a current account with a banking institution. after the episode started in 2018. The Court of Free Jurisdiction (TDLC) had approved in September an agreement between the parties, which initiated this agreement, in which BCI committed to offer its services to CryptoMKT as well.

At the time, CryptoNews reported the news of the unilateral decisions of 10 banks (including BCI) regarding the Buda and CryptoMKT accounts and the reactions of these denouncing the courts. The exchanges argued that the right to free competition was violated.

The bad relationship between banks and stock exchanges in Chile extended beyond this decision. In 2021, the exchange houses accused a bank Of defaming its activities and link him to illicit operations.

For these reasons, the opening of an exchange’s bank account at a bank is an important event in that country.

“This milestone marks a new path for the development of the cryptocurrency industry in Chile. Welcome to BCI in the new financial industry,” is the message shared by Buda.com in its release.

The context for bitcoin in Chile begins to change

The Chilean Chamber of Deputies passed the Fintech Law (or Financial Innovation Law) in September. In mid-October, it was announced that President Gabriel Boric is already in possession of the initiative and could approve it in the coming months.

One of the problems being addressed with this standard is that. bitcoin trading companies must be regulated by the Securities and Exchange Commission. (CMF) and the central bank. The latter will be of particular relevance in the context of cryptocurrency use, especially for stable currenciesAs a means of payment.

This is intended to encourage the inclusion of these startups, which combine finance and technological tools, in the Chilean market. This will involve rights for exchanges and other cryptocurrency-related startups, but also regulatory obligations to be met.