israel cryptocurrency

The Bank of Israel as well as the Finance Ministry within the country are rumored to be working on some sort of system that would allow them to develop a state-backed cryptocurrency. This information is according to an anonymous source within the industry, but it is more than likely. The central bank is said to have been working on a plan involving this for quite some time, but the parliament in the country would have to give some sort of approval before any plan could properly be implemented. The government will be able to review a blueprint of the idea as soon as January of this coming year.

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According to a report, “The digital currency would be centralized and issued at will by a government body, at whatever times and in whatever quantities it saw fit. Israelis would use mobile phones to interface with their cryptocurrency wallets, and the digital asset’s unit value would be equivalent to that of the country’s fiat money, the shekel.” The officials who are working towards getting legislation passed see it as a way to reduce those who are evading taxes by using the currency. The officials in the country have yet to release any official statements on their view on the subject, but they have stated that the issuance of a state-backed currency could help to provide a backbone to the countries anti-money laundering legislation and efforts.

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Israel has notoriously been attempting to cut out the amount of paper money in circulation, to help curb a black market within the country. They have been considering proposals for a non-blockchain based system that would be near-instant and digital. The hopes are high that a new system like this will help to transform the Israeli economy.


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