The Israeli authorities have long been considering the possibility of launching a state reserve virtual currency. In light of the growing popularity of the crypto-currency sector, disputes about the launch of the digital shekel are flaring up in the country with a new force.
The Bank of Israel, as well as the Ministry of Finance of the country, began to discuss the idea of issuing state cryptocurrency currency at the end of 2017. Officials of the Ministry of Finance considered the possibility of developing a state-supported virtual currency that would reduce the number of cash transactions in the country and minimize tax evasion and money laundering. It is estimated that the volume of the black market in Israel is about 22% of GDP.
The draft law on the creation of the state virtual currency has been under consideration since the beginning of 2018. The Israeli community insists on resuming discussions on the launch of the national digital currency, as the popularity of cryptocurrencies in the country has grown significantly since then.
Due to the large number of developments and the development of the technology industry, Israel ranked 10th in the world for the development of innovation.
Also, some of the country's major institutional banks have been actively working with Microsoft Azure for some time, using blockchain to digitize assets.
In February, the Israeli Supreme court banned banks from denying services to customers working with cryptocurrency. This ruling opened the cryptocurrency sector, the passage in different areas of the country that are interested in adoption and diffusion of cryptocurrencies.
Recall also that the securities Commission of Israel issued a series of recommendations created "to clarify the uncertainty in the field of technological innovation and protection of investors", and officially stated that bitcoins are not securities.
