After Years of Uncertainty, Cryptocurrency Exchanges May Open Bank Accounts in Chile – Bitcoin News Exchange

After years of legal battles in Chile, a cryptocurrency exchange has managed to open a bank account in Bci, a financial institution that established a protocol to serve these businesses. The first exchange to open a bank account with the institution was Buda, a local exchange, which satisfied the bank’s requirements in the aforementioned protocol.

Cryptocurrency Exchanges can now open bank accounts in Chile

On October 28, Bci, a bank in Chile, announced that it had developed a protocol to allow cryptocurrency exchanges to open checking accounts with the institution. This marks a milestone for cryptocurrency exchanges in the country, which had been fighting for the right to use traditional banking services for years.

The protocol that has been developed includes a number of requirements inspired by recommendations issued by the Financial Action Task Force (FATF), which include the fulfillment of compliance processes, traceability of transactions, prevention of money laundering, financing of terrorism and audit reports from an external company.

A spokesperson for the bank told local newspaper Diario Financiero that the move will be beneficial to customers at the exchanges. The bank stated:

Our goal is to follow their customers so that they can operate in this market within a framework of security and trust.

First account opened

The story of the battle between cryptocurrency exchanges and banks in Chile dates back to 2018, when Buda and Crypto MKT, two local cryptocurrency exchanges, started a court battle to enjoy banking services after their accounts were closed. The legal battle continues to this day, as the exchanges declare that banks are abusing their position of power to cripple the possible competition that alternative financial systems including cryptocurrency could pose to them.

Buda, which is one of the exchanges still involved in the aforementioned legal battle with other banks, was the first cryptocurrency exchange to open a current account in Bci, after signing an agreement with the bank. This agreement also allows other exchanges to seek banking services with the institution, and must meet the requirements set out in the established procedure.

Regarding this development, Buda CEO Guillermo Torrealba stated:

We are delighted with this agreement and grateful for Banco Bci’s vision. Sooner rather than later, cryptocurrencies will be a fundamental part of banking, and we want to help accelerate that moment.

In other countries in Latam, banks have been more open to offering cryptocurrency-related services, such as Santander, which already has a cryptocurrency asset division and plans to offer cryptocurrency services to its customers in Brazil.

What do you think about Bci opening banking services to crypto exchanges in Chile? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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