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Pursuer
Legendary
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Activity: 1638
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Where is my ring of blades...
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February 27, 2018, 09:28:57 AM |
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it is an interesting move from their court to force banks to accept the existence of cryptocurrencies.
I don't think the same thing is going to happen elsewhere too. and I think it is a good thing, this can create a nice little competition among banks. imagine all the investors in cryptocurrencies who have their accounts in different banks and some of these banks don't allow transactions to and from cryptocurrency exchanges, so people simply close their accounts with these banks and move on to the other ones that are friendly and offer the services they want.
it is a competing market everywhere.
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Only Bitcoin
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raniadaling
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February 27, 2018, 09:29:59 AM |
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I hope that will be the case in our country also. Although regulations have been started to be drafted and an appbased exchange platform have been formalized by the central bank in the country, I still would wish it will happen that supreme courts would intervene in the non-denial of bank services to exchange business outlets.
But what's happening in Israel is a major milestone in the foundation of bitcoin and alts.
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ganlianshifu1
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February 27, 2018, 09:39:46 AM |
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The Banks are clearly feeling the pressure from the BTC, and the crackdown is a normal response.
Most people still hold the currency for conversion or investment, so they have to rely on traditional Banks to invest in digital money!
Now many countries have started to levy taxes on digital currency, which has given legal status to BTC.
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kingkats0803 (OP)
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February 27, 2018, 09:40:34 AM |
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it is an interesting move from their court to force banks to accept the existence of cryptocurrencies.
I don't think the same thing is going to happen elsewhere too. and I think it is a good thing, this can create a nice little competition among banks. imagine all the investors in cryptocurrencies who have their accounts in different banks and some of these banks don't allow transactions to and from cryptocurrency exchanges, so people simply close their accounts with these banks and move on to the other ones that are friendly and offer the services they want.
it is a competing market everywhere.
It would be more advantageous for bitcoin asset holders should banks compete in this manner, everybody wins at the end. This will be a healthy competition in a sense. And yes I agree, this is hard to happen in many other countries but it's not impossible to achieve though. However, it will be a great development should courts in other countries do the same. |
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J Gambler
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February 27, 2018, 09:50:14 AM |
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In my country, If I may offer a perspective is something that is confusing in terms of how society accepts bitcoin which is openly and has continue to let it theive in our society. However, the government has been hearing that there are scammers and that they are also ensuring that this are takin into account and there caused an uproar when they started to close accounts which have preciously or in some capacity holding bitcoin believing it to be tainted with how this scammer goes |
Y U MAD AT ME
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frowsiter
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February 27, 2018, 09:52:02 AM |
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Looks like court is having their own account in the crypto currency.  Well, Jokes apart I do believe that court has taken this decisions out of the public interest where they might fear that people may start taking the wrong pathways of investing into the crypto currency and thus disturbing the nations proper protocols or regulations etc. This step looks to me very much planned because mostly governments and banks or financial institute have good synchronisation of internal things. The same thing happened with the Indian banks where the local banks disputed the crypto currency exchanger accounts but when asked to the RBI they said that they never published any notice to the smaller banks for banning the crypto currency accounts like that. So you see they are all independent of decisions! That could happen and might have happened in the Israeli. But good news for the crypto holders over there. |
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avikz
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February 27, 2018, 10:11:11 AM |
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Israeli court has ordered such temporary injunction because Israel government legalized crypto business in their soil and imposed taxes on it. So they are essentially eyeing the tax income that can be generated from crypto market. That is the reason why the crypto business is getting government and counrt support. I doubt it will be the same in any other countries where crypto business in not yet legalized. Probably Japan can do the same because crypto currency is legal in Japan. But this will not be the same case in any other Asian/European countries where bitcoin's legal status is still unclear. But it is indeed a major victory for the crypto community as a whole, because of the nature of the case. While Banks have declared war against bitcoin and other crypto currencies because they think it is a major threat to their business. This kind of example can be used as an example to the world economic bodies. Even though we can't expect the same to happen in any other countries just as now, but it is a starting point indeed. |
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alyssa85
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CryptoTalk.Org - Get Paid for every Post!
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February 27, 2018, 10:15:24 AM |
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Israeli court has ordered such temporary injunction because Israel government legalized crypto business in their soil and imposed taxes on it. This. Once a legislature has legalised bitcoin, then a bank refusing to provide services to a crypto business is acting discriminatorily, and is breaking the law. And teh courts are there to enforce the law. The courts can't help those in countries where the govt has not legalised bitcoin. And in places like China which is a dictatorship that hasn't got independent courts, good luck with getting the courts to do anything Xi doesn't want. |
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Red-Apple
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February 27, 2018, 10:21:39 AM |
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i think it depends on the people in that country. for example if there are enough demand for cryptocurrencies as a result there will be enough demand for services from banks to exchange the money with cryptocurrencies such as bitcoin.
in the end if people want it, they can force banks to change their rules and if they don't they can always move on to a bank that does.
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--signature space for rent; sent PM--
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Coin12
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1st of May
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February 27, 2018, 10:25:48 AM |
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I hope that will be the case in our country also. Although regulations have been started to be drafted and an appbased exchange platform have been formalized by the central bank in the country, I still would wish it will happen that supreme courts would intervene in the non-denial of bank services to exchange business outlets.
But what's happening in Israel is a major milestone in the foundation of bitcoin and alts.
Where is it? Where is the regulation being drafted? In global? In my country not yet. So i hope the regulation will make this cryptocurrency better. |
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krauzzer02
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February 27, 2018, 10:46:37 AM |
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Hoping that it is not only a temporary injunction cause it can strip away from a trial if succeeded, permanent injunction is what we needed to forbid a bank not just from halting but closing some bank accounts because of the business in crypto, similar scenario in my own country as 2 specific banks closed not just businesses account but an individual accounts cause their money comes from Bitcoin, hopefully, none of the available banks here did the same thing. |
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kingkats0803 (OP)
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Activity: 112
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February 27, 2018, 02:30:03 PM |
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Israeli court has ordered such temporary injunction because Israel government legalized crypto business in their soil and imposed taxes on it. This. Once a legislature has legalised bitcoin, then a bank refusing to provide services to a crypto business is acting discriminatorily, and is breaking the law. And teh courts are there to enforce the law. The courts can't help those in countries where the govt has not legalised bitcoin. And in places like China which is a dictatorship that hasn't got independent courts, good luck with getting the courts to do anything Xi doesn't want. Too bad for those countries, hopefully their leader will have a change of heart and order banks himself to not deny bitcoin and other cryptos the services they need. Hopefully other countries will start accepting bitcoin, and then start considering steps in legalizing it. |
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BingoDog
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February 27, 2018, 02:34:35 PM |
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This depends on every country itself or to be more precise on the law that is valid in that country.
That is why regulation is alo important for bitcoin. If bitcoin services would be defined by regulation especialy if they were placed among fundamental rights in the financial services domain then in the case of violation of those terms the court would have every right to force banks to provide such services or to punish them if they deny it.
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malaj
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pharaon
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February 27, 2018, 02:45:14 PM |
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Something I do not understand, the court forced to do the accounting bitcoin-exchange (or I misunderstood)?
It is good that in this country they are positive about crypto-currencies.
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Alexandr210774
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February 27, 2018, 03:17:07 PM |
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That's what in each state such was. If banks start performing various services in relation to bitcoin, this will be a big plus for them. The only thing they are afraid of is that bitcoin is not stable. This is definitely small, but, the victory for the crypto currency. |
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lyks15
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February 28, 2018, 05:10:26 AM |
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I think court cannot forbid banks in denying bitcoin service and transactions because bitcoin is not legal in our country and in some country in Asia. But it defends on how they decline the transaction if they say it in a bad way that employee violates the company rules and law. But I think if the banks are only follow the rules and regulation of the company they will not forbid specially the private commercial banks that have a own house rules and policies that government approved before banks starts to operate. And I think when courts are start getting involve in business transactions this will be a big problem in many bitcoiners.
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St4yInTh3D4rk
Sr. Member
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Activity: 686
Merit: 264
"STAY IN THE DARK"
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February 28, 2018, 05:28:35 AM |
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It is a good move from the Israel government but many government will not take action like this because most of the governments depend of the banks for the revenue so they will support the banks not citizen.But the regulation will give the permanent solution for this kind of problems.So no one can deny us from using bitcoin. |
Hero/Legendary ..bustadice.. ▄▄████████████▄▄ ▄▄████████▀▀▀▀████████▄▄ ▄███████████ ███████████▄ █████ ████▄▄▄▄████ █████ ██████ ████████▀▀██ ██████ ██████████████████ █████████████ █████████████████▌ ▐█████████████ ███ ██████████ ███████ ███ ███ ████████▀ ▐███████ ███ ██████████████ ██████████████ ██████████████ ██████████████ ██████████████▄▄▄▄██████████████ ▀████████████████████████████▀ |
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magneto
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February 28, 2018, 06:25:55 AM |
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It's in Israel, but still a pretty big victory for crypto. I don't see the same thing happening in the USA, though. I think that I've heard a major bank in USA that refuses to deal with funds that are sourced from a coinbase account and selectively making the life of their users miserable(that uses cryptos, of course). Same thing happened a few years back with Australian traders: http://www.abc.net.au/news/2015-09-22/bitcoin-traders-claim-discrimination-by-australias-banks/6795782. Hopefully, this can become a growing trend. Healthy competition such as bitcoin will only make banks step up their game more, in the end everyone benefits. Protecting the banks from these innovations makes no sense, apart from pure greed. |
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