Israel Considers Launching Crypto-Shekel

Latest Casino Bonuses

Israel Considers Launching Crypto-Shekel

It is a long-known fact that cryptocurrencies are gaining more and more popularity all over the world, and this time, Bitcoin-mania has arrived in the nation of Israel. Due to its enormous swing on the market, this small, yet diverse middle-east country is considering its first “crypto-shekel.”

According to the top leadership of Israel, the Bank of Israel, as well as the country’s Finance Ministry, a state-backed virtual currency could soon get an official launch, backing up the state’s economy on a long-term basis. As a result, the currency would reduce the number of cash transactions, prevent tax evasion and even break money laundering.

That being said, the black-market activity in the country is taking a serious toll on GDP, and it is currently estimated at ample 22 percent.

Becoming Mainstream

At the start of 2018, the state of Israel initiated a legal framework for the state-sponsored digital asset, Crypto-Shekel. Since cryptocurrencies are becoming more and more popular in developed parts of the world, a large number of Israelis are adopting the benefits of Bitcoin-based mediums, which have entered many aspects of everyday life.

Crypto-Turned Society

Thanks to a large number of crypto patents, the blockchain technology has re-shaped the industry, pushing Israel into the top 10 most innovative nations on the planet. Given these points, some speculators are in fact convinced that crypto-based solutions might get full support from the private sector, not vice versa…

To put it another way, some of the institutional banks, such as the Bank of Hapoalim, are already collaborating with Microsoft Azure to “use blockchain for asset digitization.”

Altogether, the growing trend of cryptocurrencies in Israel must evade a few factors before becoming fully adopted; in essence, high rates on virtual currencies are hindering the market from going forward and the recently signed agreement with Bits of Gold is raising a lot of questions, since some see it as a way for the officials to control the trading.

What is your take on Israeli Crypto-Shekel? Express your opinion in the comments below.

Source:

“As Cryptocurrency Gains Popularity In Israel, Discussions Continue About A ‘Crypto-Shekel’”, Kevin O’Brien, bitcoinist.com/, August 27, 2018.

more info...