A new report by The Times of Israel is indicating some of the latest moves made by Israeli authorities to move closer towards cryptocurrency regulation. According to the report, many major companies within Israel are wanting to invest in and start working with cryptocurrencies and therefore the authorities are seeing a new urgency to establish regulations to ensure the cryptocurrency industry can flourish. According to The Times of Israel: “A lot of companies want to jump on the cryptocurrency bandwagon. According to The Times of Israel:
“A lot of companies want to jump on the cryptocurrency bandwagon. Companies have renamed their businesses to add “blockchain” to their names to inflate their stock prices. Regulators are concerned that stock brokers will use these tactics to lure in potential investors for companies that are not bitcoin or blockchain-related”.
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!