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Israel establishes cryptocurrency commission

The authorities of the wealthy Middle East state have decided to do something with digital currencies in terms of legal framework. Previously, the governmental bodies of Israel did not express their views on cryptocurrency or voiced any intention to regulate them, reports imply. Corresponding committees on the issue, however, will start to work soon, guarantees the Finance Ministry of the country, and in six months, the first conclusions would emerge.

Previously, banks of Israel denied service to cryptocurrency-related businesses due to such enterprises often lacking valid consumer protection and KYC policies. This does not, however, necessarily mean that this banks consider cryptocurrencies a fraud scheme, it’s just them quite reasonably thinking everybody has to play by rules established before anybody even invented digital coins.

The media notes, however, that the Israeli officials demonstrated skepticism towards cryptocurrencies in the past and when the first legislation projects will be unfolded, they are not likely to be something similar to Japanese financial laws, which are quite friendly to Bitcoin in comparison to many other parts of the world.

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