Israel to Issue Digital Currency

Israel intends to create a faster payments system as well as reducing the amount of cash in the economy
25 December 2017   1325

The Bank of Israel is considering issuing digital currency in order to create a faster payments system as well as reducing the amount of cash in the economy, a central bank source said on Sunday. The source added that no decision had yet been made and the Bank of Israel declined to comment on the issue.

The Israeli government has been seeking to limit the amount of cash in the economy for a few years since the black economy is estimated at some 22 % of national output.

The source said that the government was ready to legislate or include the issue in its 2019 budget and economic package if the central bank gave the green light. The source added that any digital currency introduced by the country’s central bank would be centralized, safe and abide by money laundering rules.

Recently, we have reported that Israel Securities Authority chief said that cryptocurrency companies should be banned from entering the exchange via a “back door”, or through the activities of an existing company that is already listed on the exchange until a proper regulatory process is in place for dealing with these kinds of companies.

Bitfinex to Launch New Improved Fiat Deposit System

New system of deposists supports 4 popular currencies and requires KYC procedure completion
17 October 2018   114

Bitfinex Cryptocurrency Exchange has introduced a new system for fiat currencies deposits: the US dollar (USD), the British pound (GBP), the Japanese yen (JPY) and the euro (EUR). Now, the users who have completed the KYC procedure will create an application, indicating the deposit amount and currency, and the platform representatives will consider it within 48 hours.

Then, if approved, users will be sent the recipient's bank data, and the deposit itself will be credited to the account within 6-10 business days.

In this case, the minimum threshold of $ 10,000 was not abolished.

Earlier, Bitfinex had an anomalous growth of Bitcoin to the level of $ 7,788, which was associated with the possible collapse of Tether.

Nevertheless, the USDT price also stabilized, and representatives of the issuer said that the tokens were fully secured.