Category Archives: Banco de Chile

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Chile Appeals Court Slams Bank for Closing Exchange Account, Mounts Pressure on Banking Institutions

A court of appeal in Chile has recently overturned an action taken by a major bank to close the account of a cryptocurrency exchange, as the pressure is mounting on banks to justify punitive actions against the industry.

The Fourth Chamber of the Court of Appeals of Santiago has ruled in favor of OrionX cryptocurrency exchange, one of several appeals for similar cases against five other banks by cryptocurrency exchanges in the country.

The court ruled against the Banco Estado, one of Chile’s largest banks, stating that the exchange was being prevented:

“…from developing an activity that, although not regulated, does not prevent the bank from adopting less intensive security measures such as the development of effective monitoring and control programs before the final closure of the account.”

The ruling suggested that the banks’ inference that the exchange may be involved in money laundering through some of its digital currencies could not be proven by the bank and that cryptocurrencies “as new forms of investment and payment…cannot necessarily be identified with the commission of criminal acts.”

This is not the first of such suits, as last month six other major banks faced lawsuits for prohibiting crypto exchanges from doing business and there may be more to follow. As of now, the banks appear to be at the receiving end of all the court rulings, which have been in favor of the crypto exchanges.

Another ten banks’ actions were recently contested by crypto exchanges Buda.com and Crytomkt. The court ordered 3 exchanges’ accounts to be reopened whilst the case is still pending.

Local news source Diario Financiero has reported that five more banks are being accused of unfairly closing exchange accounts and have suits pending. The banks involved include Santander, Banco de Chile, Banco de Crédito e Inversiones (Bci), Scotiabank, and Itaú; all responsible for closing crypto exchange accounts are denying them access to banking services for business.

Both Santander and the Banco de Chile have responded to accusations that they had singled out cryptocurrency exchanges: Santander stated that “the use of a current account would not be essential for the digital currency traders,”  which would seem to be little reason for denying a service for the exchange if asked for.

The Banco de Chile said that it had no concerns regarding the “alleged danger of the activity carried out”  but that as it “lacked concrete information”  regarding the exchange’s services, it was justified in its actions of denying service.

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Oracle to Roll Out Blockchain Products

Multinational software giant Oracle Corp has announced its plans to roll out a platform-as-a-service blockchain product this month followed by decentralized ledger-based applications in June, according to Bloomberg.

With 430 customers in 175 countries, the California-based company is one of the world’s largest software companies, in 2015 only second-largest by revenue after Microsoft. The company specializes primarily in developing and marketing database software and technology, cloud engineered systems and enterprise software products — particularly its own brands of database management systems. In 2017, the company generated USD 37.3 billion in sales.

This is not the company’s first blockchain project, as in 2017 it launched the Blockchain Cloud Service, described by Oracle as a “comprehensive distributed ledger cloud platform to provision blockchain networks, join other organizations, and deploy and run smart contracts to update and query the ledger”.

Company president, Thomas Kurian, has also revealed that the company is currently working on other blockchain projects, and plans to make a further impact using the technology with a project in Nigeria logging customs and import duties, and a collaboration with the Banco de Chile, attempting to link interbank transactions to a hyperledger.

Many large software companies are now watching the blockchain space with interest. According to Microsoft News Centre UK, in March, UK financial technology firm Nivaura that uses Microsoft Azure, successfully registered, cleared and settled two Principal Protected Notes (PPN) linked to the FTSE 100 – one through the traditional clearing infrastructure and a second using an open public blockchain. This made it the world’s first blockchain-based investment product, according to Microsoft.

Also, Bitcoin News reported recently that global credit card giant, Mastercard, announced that it was looking to expand its offices based in Dublin, Ireland, with 175 new technology developers recruited for roles such as blockchain experts, software engineers and information security specialists.

 

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