Hello everyone , the crypto revolution had moved another one step ahead with around 5000 merchants to accept payments in crypto currency like bitcoins ,eth and stellar. This is really a great news from a small narrow but long nation located along the west coast of South America CHILE.
The decision is very over whelming not just because they have started accepting the crypto in day today life it's also because firstly the country's central bank and countries other banks had closed down the crypto exchanges accounts labeling it as illegal for trading and investing in cryto related activities. In starting of this year many of the crypto exchanges of the country had dragged the banks to the court and in July finally the exchanges had won cases filed by them one by one . The court said “an arbitrary and illegal action, which constitutes a deprivation of the right protected by Article 19 No. 2 of the Political Constitution of the Republic, that is, the right to equality before the law.” Though the court accepted that there is some sort of risk associated with the crypto transactions but also said that this cannot be the reason to close the bank accounts.
Chile banks closed the accounts of the exchanges on the ground that it will bring financial instability in the economy of the country ,but the financial body of the country clearly came up and said there will not be any financial instability due to crypto trading and investing.
I hope this news will trigger something innovative and positivity amongst those nation's who have banned crypto just thinking that it will bring economic instability to country's economy and on the name of money laundering, govt of any country have right to regulate the cryptos and they should do it instead of banning it. Cryptocurrencies are future and here to stay also we can see new ICOs ideas applying block chain knowledge to health care , advertisement,gold purity checks , and many more.
Have a great day with all positivity
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