RATE Group | As Cryptocurrency Gains Popularity In Israel, Discussions Continue About a ‘Crypto-Sheke…
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As Cryptocurrency Gains Popularity In Israel, Discussions Continue About a ‘Crypto-Sheke…

27 Aug As Cryptocurrency Gains Popularity In Israel, Discussions Continue About a ‘Crypto-Sheke…

Posted at 04:53h in Cryptocurrency News by

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Top leadership in Israel has long considered launching a state-backed virtual currency. Discussions have only grown as the nation’s cryptocurrency sector continues to blossom.

The Bank of Israel, as well as the nation’s Finance Ministry, has been mulling over the idea of a state-sponsored cryptocurrency since Bitcoin’s 00 price high at the tail end of 2017.

Finance Ministry officials spoke of a state-sponsored virtual currency that would be rolled out in order to lower the number of cash transactions in the nation, while cracking down on tax evasion and money laundering.

Black market activity in Israel is estimated to comprise about 22% of GDP.

A draft legal framework for a state-sponsored virtual currency has been in the forefront of Israeli legislation since the start of 2018. Additional news about a ‘Crypto-Shekel’ has been light this year.

On the other hand, some think the discussion about a state-backed digital currency might start heating up. This is especially so…

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