Monday , November 29 2021

Supreme approve the closure of the bank accounts for kriptokonanzi unless regulated


The country's highest court given in & # 39; shared decision as the case of & # 39; BancoEstado against Orionx.

The third chamber of the Supreme Court ruling on the case of the closure of bank accounts to the kriptokonferenza operators faced with BancoEstado to & # 39; one of these companies: Orionx.

In the judgment of & # 39; 12 pages written by Minister Sergio Muñoz states that the state bank's decision to close the account to Orionx It is not illegal or arbitrary, Why the judgment of the Court & # 39; the Appeals & # 39; Santiago revoked, example was confirmed facts.

The Supreme Court estimates that "buying and selling & # 39; virtual and cryptographic coins like Ethereum, Ripple, LITECO and Bitcoin, all consist of computer programs, specifically algorithms as such have physical and m rallies & # 39; have intrinsic value even usually – one that has the support of & # 39; any particular government or & # 39; a company, which is defined and controlled by a decentralized group & # 39 ; users using the Bitcoin protocol on the Internet, to which he added that currently financial activities carried out with m & # 39; have a regulatory framework. "

The decision also alleges that "unless there is regulatory recognition of activity, it complies with legal regulations and those arising from the entity entrusted by law to control it, which seeks to prevent the bank and products his exploit in order to carry out operations & # 39; money laundering or & # 39; terrorist financing, among other risky activities possible ".

F & # 39; that line, the highest court of the country argues that due to the features and elements that determine the kriptokonġenzi activities, It is impossible for BancoEstado to comply with & # 39; legal requirements.

However, the statement of the Supreme Court was not unanimous. The Minister Angela Vivanco voted to uphold the judgment of the Court of Appeals & # 39; Santiago where was reason to Orionx.

Orionx after hearing the decision informed his clients that "regrets the negative decision of the Supreme Court published today, and does not cross the arguments on which it rests the body to take the decision to refuse the remedy of & # 39; protection"

The operator kriptokonċita clarified that "this failure does not mean closing the current account of the company's bank. This is because there is a measure of & # 39; precautions in place which was decreed by the Court of Free Competition Defense, which prevents banks from closing those accounts before ".

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