Bitcoin Could Replace Banks, Says Prime Minister Of Israel
Israeli Prime Minister Benjamin Netanyahu’s office released a video Tuesday claiming the operation of traditional banks will eventually become obsolete and could be replaced by Bitcoin, Cointelegraph reported Thursday. The operation is being linked with the government’s attempt to unmask people investing black/grey money in Bitcoins. The government also suspects that people exposed in the Panama and Paradise papers are now deflecting their investments in Bitcoins. Through the investigation, officials of the Income Tax department are, therefore, trying to establish a link between the Panama and Paradise exposes. Both the expose had revealed 500 and 714 Indians respectively who have allegedly hidden a major portion of their incomes through shell companies in abroad.
Like many different international locations round the world, Israel have been taken away by the bitcoin mania in the final couple of weeks. The native media stories worth modifications every day, it interviews people who turned millionaires over night time and exhibits the lengthy strains of individuals ready outdoors bitcoin ATM areas in Tel Aviv.
Treasury’s financial crime unit is picking up enforcement of cryptocurrency platforms that don’t have strong internal mechanisms in place to prevent money laundering, according to a report in Reuters. The cryptocurrency platforms in the U.S. government will also urge other countries to implement more regulation of cryptocurrencies. isn’t the only country looking to crack down on the cryptocurrency market. The U.S.
However, Currency Research does not believe that central banks should ignore the world of technological cryptocurrency payments. Any central bank or mint needs to fully understand all implications of any payment method and be able to regulate it for consumer protection. Should a future alternative emerge able to viably replace the many benefits and consumer confidence in physical cash, the central bank or mint needs to be adaptable. Currency Research has not yet witnessed such a technology.
Israeli regulators are still cautious when it comes to cryptocurrency, particularly as they consider initial coin offerings. The Israeli cryptocurrency startup Colu raised $14.5 million this week from Israel’s largest holding company as it prepares for a token sale. Before Hauser stepped down a few days ago, Haaretz reported his announcement that regulators will take a friendly” approach to ICOs, aiming to foster growth while curbing scams.