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Chile court denies blockchain association to join cryptocurrency trial

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Chile court denies blockchain association to join cryptocurrency trial

Chile's TDLC competition tribunal rejected a request from blockchain association Crypto Chile to join cryptocurrency trader Orionx's lawsuit against Banco del Estado de Chile, Diario Financiero reported.

The industry association reportedly wanted to sit in the trial as a third party, promoting the rights of market participants that use Blockchain technology and to ensure free competition. The tribunal was split on the ruling as two judges were in favor of allowing Crypto Chile to participate.

Chilean courts have already ordered BancoEstado to reopen the account of Orionx, ruling the closure of the account had constituted an "arbitrary and illegal action."

The South American country has seen a string of lawsuits in recent months, where cryptocurrency firms are suing major Chilean banks for closing their bank accounts, amid a broader dispute with the financial sector over the legality and regulatory framework for such traders.

Chile's finance ministry, meanwhile, is studying the regulation of cryptocurrencies amid the dispute between traders and banks.