Cash Runs Dry at ATMs as Protests Escalate in Chile

There’s a lot of unrest in Chile right now as the country has seen massive protests against government manipulation and an escalation of financial problems. Local reports detail a few banking establishments have been burned after customers started having issues withdrawing cash from ATMs. Issues with the bank machines that don’t work coupled with rising inflation, pension cuts, and austerity measures have invoked Chileans to rise up and take to the streets in protest against their government.

Also Read: Money and Democracy: Why You Never Get to Vote on the Most Important Part of Society

State of Unrest in Chile Sees Government Violence and People Unable to Access Cash at ATMs

Chile has been getting a lot of attention lately because the region’s citizens have clashed against the authorities, shaking the country to the core. More than half of Chile’s 16 state regions are locked down under “emergency orders” and must obey a military-backed curfew. It all started when the government-run subway operation Metro de Santiago increased the price of metro tickets to roughly $1.15. To make matters worse, public pensions are unsustainable even though its creator José Piñera calls Chile’s pension framework the “Mercedes-Benz” of infrastructure.

Cash Runs Dry at ATMs as Protests Escalate in Chile

Pensions are being cut or not being paid and to top it off Chile’s bureaucracy increased electrical costs in the country by 10%. After the hike in metro ticket fares, students started hopping the station’s turnstile every day in protest. Marta Lagos, an executive from the polling company Latinobarometro says the last few decades of politicians have sparked the unrest.

“The students jumped the turnstiles, and as it happens in revolutions, the elements that trigger a social phenomenon are not very rational,” Lagos said. “It’s not just this government — This has been accumulating in the last four governments.”

Cash Runs Dry at ATMs as Protests Escalate in Chile

Chileans Have Access to Tools That Can Strengthen Financial Inclusion

During the last two weeks, the situation in Chile has escalated and according to various regional reports, the military has been extremely violent toward protesters. One person who has a friend from Chile writes: “The Chilean government is murdering innocent people on the streets, I have a friend in Chile — She said she has no access to money and they’ve closed all of the supermarkets, ATMs are locked. This is who we are up against — People are getting mass murdered by the government.”

There are various reports throughout the weekend backing up the claim that ATMs are not operational and people are having issues accessing their funds. Supermarkets are also running out of food and the Chilean people have seen food shortages in certain districts.

Cash Runs Dry at ATMs as Protests Escalate in Chile

Without being able to access cash, Chilean residents have resorted to barter and the use of cryptocurrencies. There are traders in Chile who are buying and selling bitcoin cash (BCH) using bank transfers and gift cards via local.Bitcoin.com. The platform is a peer-to-peer marketplace that allows users from around the world to buy and sell bitcoin cash in a noncustodial fashion. Governments have been committing crimes against peaceful citizens worldwide and with massive protests in Argentina, Venezuela, Hong Kong, France, and Lebanon, people are finding the benefits of borderless and permissionless electronic cash.

Cash Runs Dry at ATMs as Protests Escalate in Chile
You can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform. The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now.

Cryptocurrencies allow people to access their hard-earned funds when they want to without a state-run financial institution stopping them. The path toward freedom in Chile will not be found solely in cryptocurrencies, but Chileans can use them as a tool to bypass ridiculous restrictions. Platforms and marketplaces like local.Bitcoin.com will be there to help spread the effort for economic freedom, not only in Chile but on a global level.

What do you think about the recent protests in Chile where people are getting their pensions cut and bank customers cannot access cash at ATMs? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, @sahouraxo, Wiki Commons, Fair Use, Pixabay, Local.Bitcoin.com, Twitter, @Pumpkintoshi.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

Tags in this story
ATMs, ATMs run dry, Banco de Chile, banks, BCH, bitcoin cash, Chile, Electrical Costs, emergency order, financial inclusion, Government, government crimes, José Piñera, Latinobarometro, Local.bitcoin.com, Marta Lagos, Metro de Santiago, military-backed curfew, money, Noncustodial, p2p marketplace, peaceful citizens, private, Protests, public pensions, rise up, Socialism, trading, withdraw money
Cash Runs Dry at ATMs as Protests Escalate in Chile 1
Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

The Largest Crypto Scams Of 2022 (So Far)
The Largest Crypto Scams Of 2022 (So Far)
June 14, 2022
Scammers
How Do Scammers Entice Their Prey?
May 10, 2022
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin21,498 0.87 % 0.43 % 5.00 %
Ethereum1,247.4 2.68 % 1.09 % 14.67 %
Tether1.001 0.04 % 0.13 % 0.01 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB239.56 1.00 % 0.73 % 10.83 %
XRP0.3682 1.09 % 0.58 % 14.22 %
Binance USD1.002 0.24 % 0.04 % 0.09 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana42.17 2.33 % 0.40 % 36.59 %
Polkadot8.130 1.15 % 0.93 % 11.05 %

bitcoin
Bitcoin (BTC) $ 21,455.00
ethereum
Ethereum (ETH) $ 1,239.64
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 239.14
xrp
XRP (XRP) $ 0.367603
binance-usd
Binance USD (BUSD) $ 1.01
cardano
Cardano (ADA) $ 0.49738
solana
Solana (SOL) $ 41.99
polkadot
Polkadot (DOT) $ 8.13