Israel to create cryptocurrency policy

Israel, as the government, is considering preparing a national cryptocurrency (cryptocurrency) policy after the steps of Russia and Dubai. According to sources close to the Ministry of Finance, Israel’s black market accounts for about 22 percent of the country’s gross domestic product. A government-registered digital currency would make black market transactions less possible. Also, according to the news source, the government is considering legislation that would significantly reduce the amount of physical cash in the economy. For example, proposals include drafting a law against paying fees in cash.

However, the process of creating a digital shekel (shekel: currency) has just begun. The government proposed the ‘Economic Regulations Bill’; This bill aims to create a separate panel that the Bank of Israel considers creating the digital shekel. The addition of physical cash laws is seen as a result of the Knesset’s failure to pass the same law two years ago. Meanwhile, the Prime Minister’s recent comments indicate pressure to adopt a digital currency.

Cooperation with the Israeli government

A country-based Blockchain Colu, the wallet app, has become part of its talks with the government on making digital money. Mark Smargon, Head of Blockchain Colu, said: “Israeli regulators have been looking at digital currencies for a while, and we are part of this conversation, and if this initiative becomes a reality, Colu will be happy to cooperate as we believe digital currencies are the future of money.”

CoinTelegraph