Chain News by Thebittimes.Com

After years of court 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 that opened a bank account with the institution was Buda, a local exchange, which satisfied the requirements of the bank in the mentioned protocol. Cryptocurrency Exchanges Can Now Open Bank Accounts in Chile On Oct. 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 developed includes a series 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 terro...

Join Our Telegram channel to stay up to date on breaking news coverage Morgan Stanley stated in a study document this Wednesday that the virtual currency environment is less distributed. Although the underpinning cryptographic protocols are distributed, as virtual currency regulation evolves, the requirement to operate a significant portion of the public ledger on only one or a select faction of virtual servers becomes a possible hazard, according to the document. According to the document, 65 percent of Ethereum’s endpoints seem cloud-hosted, with half using Amazon internet assistance. This may be an issue if some network operators choose to restrict some attendees or virtual currency goods or if they experience long and complex server blackouts. According to Stanley, the virtual currency environment has progressed, with several implementations, software, facilities, and businesses grazing the underpinning distributed blockchain systems, allowing some components of the...