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Israel AG: Cryptocurrency Firms Should Not Be Denied Banking Services

Tarulika Jain by Tarulika Jain - 06:31 AM Feb 20, 2020
Israel AG: Cryptocurrency Firms Should Not Be Denied Banking Services

Dr Avichai Mandelbit, Israel’s Attorney General, stated in Tel Aviv court that banks in Israel could not refuse financial services to cryptocurrency firms or the virtual currency holders. Instead, the banks should monitor and examine for the signals of money laundering and other illegal economic activities and allow virtual assets “non-risky” holders to open an account with them.

Avichai Mandelbit Favours Crypto Holders In Israel

Israeli news Agency Globes reported that the statement came in the response of series of lawsuits which are related to Israeli digital currency holders. The currency holders were refused to deposit funds or open accounts in the banks. The court clearly favoured the owners of digital assets in contrast to the Banking Supervision Authority of Israel who instructed the banks to freeze the accounts of users who receives money from crypto-related procedures.

Mandelblit spoke in the case which involves Merchantile Discount Bank’s refusal to accept a transfer from BIT2C, a local crypto exchange (trading in Bitcoins). The stance of the Attorney General was based on the suggestions of the inter-ministerial team, which includes the number of state agencies and departments and headed by Deputy Attorney General, Erez Kaminitz.

Israel Is Optimistic About Cryptocurrency Adoption

The action of the banks to freeze the accounts troubled the BTC investors as they were unable to pay their taxes due to the non-acceptance of bank deposits. On the contrary, recent stance of Attorney General which includes the recommendations of the Ministry of Justice, Israel capital Markets, Insurance and Savings Authority and others portrayed the seriousness of Israel authorities to accept the virtual assets.

Despite the action of Banking Supervision Authority, the Government of Israel is enthusiastic about adopting blockchain technology. Last month the Israel Security Authority published a notice related to identifying regulations which prevent the development of blockchain-based companies in the country. It can be noticed that Israel is optimistic about embracing the latest technology for new customer experience.

About The Author
Tarulika Jain

Tarulika JainAn engineering graduate, focussing on latest trends of cryptocurrency. As an economic enthusiast, she likes to read about the changing economies of world.

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