Israel can finally legitimize Bitcoin

Solar DAO
Solar DAO
Nov 22, 2017 · 2 min read
Image for post
Image for post

Ambiguity in matters of law is always a problem. This is the case with the use of bitcoins in Israel, where citizens have not yet received a formal decision from the state on this issue.
However, this problem can be finally solved.

On Tuesday, it was announced that the Ministry of Finance of Israel will create a working group on digital currencies together with the heads of large accounting firms and relevant professional chambers.

Israel, perhaps, will create clear rules with respect to bitcoins. This was decided at a meeting initiated by Finance Minister Moshe Kalon with the same bodies that had previously reported that Israel was not yet ready to deal with the issue of digital currencies.

One of those who insisted on considering the problem is an Israeli entrepreneur and a bitcoin supporter Moshe Hogeg. Last month, he met with the Minister of Finance to discuss issues of blockchain and cryptocurrencies.

Image for post
Image for post

In his speech, Hogeg said that he was very pleased that the minister was meeting halfway. In addition, he added: “Committees will start their activities very quickly. I think we will see clear results within six months. “

As mentioned above, the current lack of official regulations on bitcoin created a lot of problems in Israel for both individual users and business in this area.
In June, the Tel Aviv District Court ruled that banks can refuse to service businesses associated with bitcoin (eg, exchanges) because of the inability of banks to conduct a full audit.
And at the beginning of the year, the Israeli tax administration ruled that if bitcoin is not legally defined as a currency, its sale will be taxed with a number of taxes that could seriously interfere with the implementation of the crypto currency.

It is also necessary to remember that any proposals will eventually come out for general discussion and are unlikely to find broad support. It is known that at least one high-ranking Israeli public official is very concerned about the dangerous potential of the cryptocurrency, and will certainly express his opinion.

Professor Shmuel Hauser, head of the Israeli Securities Agency (ISA), spoke in favor of “paternalism” with respect to both ICO and bitcoins. Since then, the ISA has set up its own committee to discuss possible rules and resolve the issue of crypto-currency in Israel.

If you enjoyed this story, please click the 👏 button and share to help others find it! Feel free to leave a comment below.

Solar DAO

1st tokenized closed-end fund to fund PV solar plants…

Solar DAO

Written by

Solar DAO

1st tokenized fund for funding PV solar plants and RES projects across the globe. Join us at: https://solardao.me

Solar DAO

Solar DAO

1st tokenized closed-end fund to fund PV solar plants accross the globe. Join us: https://solardao.me

Solar DAO

Written by

Solar DAO

1st tokenized fund for funding PV solar plants and RES projects across the globe. Join us at: https://solardao.me

Solar DAO

Solar DAO

1st tokenized closed-end fund to fund PV solar plants accross the globe. Join us: https://solardao.me

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store