Tagbank of israel

Israel’s Central Bank Seeks Public Input in Crypto Regulation Initiative

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The central bank of Israel and various other government agencies are seeking input from the public regarding the regulation of virtual assets. According to a statement released by the Bank of Israel, there is a need to monitor developments in the digital assets space and understand their implications on financial stability, economic activity and on the financial markets. Per the press release...

New Bank of Israel Report Recommends Against Creating Digital Shekel

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The Bank of Israel has released the results of a research study commissioned in late 2017 to examine the feasibility of issuing a cryptocurrency that would be equivalent in value to the shekel. Dubbed the 'Digital Shekel', the proposed cryptocurrency has been found to be unsuitable to the needs of Israel in a number of areas and consequently the report has recommended that the Israeli central...

Israel Central Bank Refuses to Recognize Bitcoin as a Currency

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Bank of Israel Bitcoin

Israel’s central bank has said it will not recognize cryptocurrencies like bitcoin as a currency nor a foreign currency as it does “not fit the legal definition” nor “fill the main functions of currency.” In a speech on Monday, Bank of Israel deputy governor Nadine Baudot-Trajtenberg revealed the central bank’s official position on the recognition and regulation of cryptocurrencies like bitcoin...

The ‘Digital Shekel’: Israel is Working on a State Cryptocurrency

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Israeli authorities are reportedly considering issuing a cryptocurrency that would be identical in value to the shekel, Israel’s fiat currency. Both Israel’s financial ministry and the central bank are exploring the possibility of issuing a national digital currency titled the ‘digital shekel’, the Jerusalem Post reports. Regulators have been considering the legal parameters of issuing a central...

Israel Central Bank Considers Digital Currency for Instant Payments

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Bank of Israel Digital Currency

The Bank of Israel is reportedly considering issuing a digital currency to support a real-time nationwide payments system. In its advent to research and foster a real-time payments system in the country, the Bank of Israel sees a central bank-issued digital currency as an option for an effective and reliable infrastructure for immediate payments. For context, the Bank of Israel published a public...

Israeli Banks Can Deny Service to Bitcoin Firms, Court Finds

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Israel Bitcoin

A Tel Aviv district court ruled last week that Israeli banks can deny services to bitcoin firms after it ruled in favor of the country's second largest bank. According to court documents, Bank Leumi had stopped servicing Israeli bitcoin exchange Bits of Gold claiming that the exchange couldn't follow its anti-money laundering (AML) regulations. While Bits of Gold followed the bank's know-your...

Bank of Israel Launches Missile Into Bitcoin Strip

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West Bank barrier wall for bitcoin

The Jerusalem Post reports that the Bank of Israel (BoI) issued a warning to Israelis on Wednesday, saying that Bitcoin carried high investor risk and did not constitute 'legal tender'. The BoI outlined for citizens the risks associated with virtual currencies: 1. they are not backed by a central bank or government, 2. they are not legal tender, 3. nobody has to accept them as a form of payment...