Israeli Authorities set to Flourish Crypto Regulations

Israeli Authorities set to Flourish Crypto Regulations

According to the latest news by The Times of Israel, many major companies in Israel want to invest in cryptocurrencies and also want to start working with cryptocurrencies, hence the authorities are taking steps in order to flourish the cryptocurrency industry.

To ensure that the cryptocurrency industry flourishes, the authorities are planning to establish regulations for the same. This move by the Israeli authorities indicates that they are moving closer towards the cryptocurrency regulation.

Many different companies are interested to join the cryptocurrency domain and for this purpose, they have also added “blockchain” to their names by renaming their businesses.

This is done to inflate the stock prices of their businesses and this is the major concern for the regulators. Regulators feel that this move will lure the potential investors for companies which are not in any way related to the cryptocurrency or blockchain related industry.

Recently, authorities in Israel made a move to tax all cryptocurrencies, though this is now becoming increasingly popular. States which are accepting cryptocurrency are also making sure that these digital currencies are not excluded from the ambit of taxation so that fair taxation laws operate.

Officials of The Bank of Israel are considering the implications of Shekel, the creation of a government-led centralized cryptocurrency, in order to reduce the dependency of Israel on cash. Bitcoin being an anonymous and a decentralized currency poses a threat to money laundering rules of Israel.

The government has researched a lot on the issues faced by the creation of Shekel. Once approved, It will allow the addition of this currency into the budget of 2019. Shekel will leverage on blockchain technology to ensure a faster and a safer way to deal with transactions.

After such reports, there is a strong hope that Israeli authorities will support and facilitate the cryptocurrency industry and establish suitable cryptocurrency regulations. This could have a positive impact on the rest of the world and Israel could become a crypto haven.

Thus, Israel could be one of the important aspects of cryptocurrency adoption, with its Bank and Government playing a crucial part. Israel is really gearing up!

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.