Central Bank of Israel Refuses to Recognize Bitcoin

The Deputy Governor of the Bank of Israel spoke at the Knesset Finance Committee on a number of issues related to the phenomenon of cryptocurrencies
09 January 2018   1284

The Deputy Governor of the Bank of Israel Nadine Baudot-Trajtenberg revealed on Monday the central bank’s official position on the recognition and regulation of cryptocurrencies. The central bank official also admitted fielding a number of public complaints about banks making it difficult to move fiat money from their accounts to purchase cryptocurrencies while adding it would be difficult to issue regulations for cryptocurrencies.

Bitcoin and similar currencies do not fit the legal definition of a currency or foreign currency. A currency fulfills the functions ascribed to it in the economic literature — a unit of account, a mean of payment, and stability that enables it serve as a store of value. None of these exist with Bitcoin or similar currencies, which are characterized by higher volatility, difficulty in making transactions, and a lack of certainty regarding the parties that stand behind it.

 

Nadine Baudot-Trajtenberg

The Deputy Governor, the Bank of Israel

Addressing customer concerns about using their fiat money to buy cryptocurrencies, she added that banks face compliance risks, particularly when fiat funds swapped into cryptocurrencies may be used to launder money, finance crime and so forth.

Recently, we have reported that the Bank of Israel announced its plans to issue digital currency in order to create a faster payments system as well as reducing the amount of cash in the economy.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   142

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 
 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.