Israeli Ministry of Finance announced they will do some research on Bitcoin and cryptocurrency together with accounting firms.
This decision came from meeting initiated by Finance Minister Moshe Kahlon. At the meeting they realized Israel wasn’t prepared to accept cryptocurrency.
We are leading this with the minister and very happy to see he is all for it. The committees will begin their operations very fast. In my opinion, we will see results on the ground in up to six months.
Moshe Hogeg, Israeli serial entrepreneur.
The situation with uncertainty on Bitcoin mentioned above created a lot of trouble for businessmen and users on cryptocurrency.
For example, in June Tel Aviv district court announced that banks may reject Bitcoin ventures because of the inability to verify the KYC and AML. Also Israeli Tax Authority decided that if Bitcoin is not a legal currency, the sales of BTC will hurt adoption.
Although not everyone supports the recommendations of researchers. In Israel there is at least one high-ranking placeman who is convinced in pernicious impact of cryptocurrencies for economy and many share his view.
The Head of Israel Securities Authority (ISA) expressed his opinion that Bitcoin and ICOs should be strongly regulated. ISA instituted its own committee to assess regulations on Bitcoin and other cryptocurrencies.