Israel’s Central Bank joins our crypto news today for trying to look find some input from the public about crypto regulation.
The Central Bank of Israel is working with multiple government agencies in order to find the input to monitor the developments on the crypto market and to better understand how they affect on the financial stability of the country and the economic activity on the financial market.
According to a press release, the input from stakeholders as well as the input from other parties that are interested will be extremely useful for forming a set of recommendations that will help draft the regulation. The press release reads:
‘’The team would like to monitor developments in this area in Israel and abroad, and to examine the issues concerning the application of regulation to the various uses of the technology and their implications for economic activity, the financial markets and financial stability. The team will gather data and information for the purpose of creating a knowledge base on the issue for regulators and the public, and in order to formulate recommendations regarding the desired regulatory policy.’’
Some of the biggest problems with the team consisted of the Bank of Israel; the Ministry of finance, Israel Tax Authority, and the Capital Market authority are the risks that come with the using of digital currencies. This is taken into consideration because last month a report noted that issuing a digital Shekel will pose a risk to the financial system.
The agency team believes that the distributed ledger technology and cryptocurrencies are extremely beneficial to multiple areas of the economy.
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