The appeal case of the Chilean exchange has been accepted, and the prospect of digital currency in South America is unclear

according toBloombergaccording to

Bloomberg

According to news, the Chilean Court of Appeal has agreed to accept the appeal cases of Chilean digital exchanges Buda, Orionx and CryptoMarket, but the bank accounts that were closed earlier have not yet been opened.

Three Chilean banks, Itau Corpbanca, Bank of Nova Scotia and Banco del Estado de (Chilean state-owned bank), closed the bank accounts of the three digital currency trading platforms without reason last month, which caused strong protests from the three trading platforms.

Buda’s partner and CEO, Guillermo Torrealba, said the bank’s move is “killing the entire industry” and that “in Chile, people will no longer be able to safely buy and sell digital currencies.”

Chile's digital currency market is small, but it is in a stage of rapid development. Buda and CryptoMarket cover the whole of Latin America. Before the bank account is closed, Buda's daily transaction can reach 1 million US dollars, because the company only accepts bank transfers, not bank transfers. Cash is accepted, so the cost of closing a bank account for the trading platform will be huge.

Itau Corpbanca Bank CEO Milton Maluhy said on March 27 that cryptocurrency is still an industry that needs to be strictly regulated, and the closure of personal bank accounts is in line with the bank's internal regulations.

At the same time, this move has also aroused concerns among supporters of digital currencies. Chilean financial institutions seem to be banning digital currencies in an all-round way. Although it is not yet known whether the closure of bank accounts is due to government requirements, supporters worry that South America, including Chile, may be implementing the same strict regulatory model as China and South Korea. Digital currency transactions and ICOs will be completely banned.