If there are any doubts on where Israel stands on Bitcoin and the cryptocurrency market in general, the very fact that the Israeli government is looking to launch its very own cryptocurrency should be evidence enough that Prime Minister Benjamin Netanyahu has a favourable view of the digital currency world and that’s before considering Netanyahu’s bullish comments on Bitcoin and the cryptomarket.
It’s perhaps Israel’s status in the world of R&D and entrepreneurial nous in the world of tech that has been the key element to the rise in popularity of Bitcoin and blockchain technology in the country.
Start-ups and existing companies even incorporated blockchain into company names to draw in greater investor interest, such as the love for the tech and the digital currencies.
In spite of the Prime Minister’s support, the love of cryptocurrencies is not shared by the head of Israel’s Securities Authority, with Shmuel Hauser banning the public listing and trading of Bitcoin related companies.
A ban on the listing and trading of blockchain related companies is unlikely to influence sentiment towards Bitcoin and the broader market however and neither is the latest tax rules introduced by the government that is likely to form part of a global regulatory framework, following the government’s classification of Bitcoin as a physical asset and not a security or currency.
The move comes well ahead of other governments and regulators and suggests that there has been a growing intent by the government to nurture the cryptocurrency and ICO markets while looking to also protect investors from heavy losses.
As we have seen across the world, Central banks and the banking fraternity have been arched rivals of the digital world and things have been no different in Israel, with Israeli banks have refused to accept proceeds from the cryptomarkets and closing cryptocurrency trading accounts that lead to a decision by Israel’s Supreme Court to end attempts by banks to damage the cryptomarket in March.
Perhaps the PM’s suggestion that Bitcoin could likely bring an end to banks was enough to instil fear into the banking community and lead to the about-turn by Hauser, Netanyahu seeing the removal of middlemen in the world of e-commerce as inevitable, making him the first prominent head of state to hold such a bullish view on Bitcoin, the broader market and the blockchain technology on offer.
Bitcoin is going nowhere according to Israel’s internet guru Eyal Herzog and in a nation of the tech savvy, Herzog’s views are, not only shared by the Israeli PM, but a growing number of the population.
This article was written by FXEmpire.