What's Hot

    PancakeSwap users invited to participate in a decisive vote

    June 25, 2022

    the Cardano Foundation joins The Linux Foundation

    June 25, 2022

    The bear market is the best opportunity

    June 25, 2022
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    THECRYPTNEWS
    • Home
    • News
    • Guides
    • NFT
    • Analysis
    THECRYPTNEWS
    Home » Central Bank of Israel adopts major cryptocurrency measure
    Analysis

    Central Bank of Israel adopts major cryptocurrency measure

    AdminBy AdminJanuary 9, 2022No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    According to information circulating, the Bank of Israel has instructed local banks to accept profits generated by cryptocurrency activities as long as they are not related to criminal cases. The purpose of this provision is to strengthen anti-money laundering measures.

    Central Bank of Israel grants freedom to local banks

    According to a recent local report, the central bank of Israel (BCI) distributed a document that deals with money laundering and other financial crimes. In the document, the BCI insisted that it wants to upgrade the rules that are imposed on cryptocurrency companies. Concretely, the BCI asks local banks to do not reject the profits generated by cryptocurrency transactions.

    However, not all operations are valid. Indeed, in the document, the BCI established a list of conditions that banks must verify before validating transactions relating to digital assets. They must take into account the nature of the initial funds and the risk classification.

    Commenting on this new provision, Ron Tzafrati, vice president of finance and regulation of the Bit2C cryptocurrency exchange, said: “On the one hand, the BCI finally recognizes the obligation of banks to carry out risk assessment and management. On the other hand, it leaves a broad discretion to banks so that they continue to refuse in many cases certain transactions because of the risk of money laundering that they present ”.

    The unforgettable case of Esther Freeman

    When looking at the new cryptocurrency legislation in Israel, it is worth considering the case of Esther Freeman.

    In 2013, this retired Israeli had invested in digital assets with an amount of $ 3,240 in BTC. Eight years later, thanks to the growth in the price of the main cryptocurrency, it multiplied its investment by 100. However, Bank Hapoalim – one of the main banks in the country – had refused to accept the deposit of the $ 324,000. that she had transferred from the cryptocurrency exchange. The bank had estimated that the source of funds could be related to the “Money laundering or terrorist financing”.

    In order to gain possession of her funds, Ms Freeman appointed a lawyer and attempted legal action against the bank. In this case, the judges found that the bank did not have the right to restrict the activity of the client’s account solely because it has a connection to cryptocurrencies.

    In Israel, the data will change when it comes to cryptocurrencies. Indeed, the country’s central bank has banned local banks from refusing profits generated by their clients’ cryptocurrency investments. Are we moving towards final acceptance of digital assets in the country’s financial sector?

    Source: Cryptopotato

    Receive a summary of the news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so as not to miss any of the essential Cointribune!

    TCT writing

    Behind the generic signature “TCT editorial staff” are young journalists and authors with specific profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.

    void 0 === window._axcb && (window._axcb = []); window._axcb.push(function(axeptio) { axeptio.on("cookies:complete", function(choices) { if (choices.google_analytics) { launch_google_analytics(); } if (choices.facebook_pixel) { launch_facebook_pixel(); } }) })

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Admin
    • Website

    Related Posts

    PancakeSwap users invited to participate in a decisive vote

    June 25, 2022

    the Cardano Foundation joins The Linux Foundation

    June 25, 2022

    The bear market is the best opportunity

    June 25, 2022

    The new hunting ground for cryptocurrency scammers

    June 25, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts

    • PancakeSwap users invited to participate in a decisive vote
    • the Cardano Foundation joins The Linux Foundation
    • The bear market is the best opportunity
    • The new hunting ground for cryptocurrency scammers
    • Crypto Firms Cut Ad Spending by 90% After Bitcoin (BTC) All-Time High

    Recent Comments

    No comments to show.

    Subscribe to Updates

    Get the latest sports news from THECRYPTNEWS.

    Advertisement

    Archives

    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021

    Categories

    • Analysis
    • Guides
    • News
    • NFT

    The leader in news and information on cryptocurrency, digital assets and the future of money, THECRYPTNEWS is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
    We're social. Connect with us:

    Facebook Twitter Instagram Pinterest YouTube WhatsApp Reddit
    Top Insights

    PancakeSwap users invited to participate in a decisive vote

    June 25, 2022

    the Cardano Foundation joins The Linux Foundation

    June 25, 2022

    The bear market is the best opportunity

    June 25, 2022
    Get Informed

    Subscribe to Updates

    Get the latest creative news from THECRYPTNEWS

    Facebook Twitter Instagram Pinterest
    • Home
    Copyright © 2021 Thecryptnews.com

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT

    DMCA - Terms and Conditions - Privacy Policy