Since the ‘infamous’ demonetization, the government has already frozen over 200K bank accounts for suspected ‘unusual’ transactions, and this may be repeated for Bitcoin traders and exchanges too. For instance, one of the cryptocurrency exchanges BTCXIndia had to shut down its operations on May 8, 2015, after Kotak-Mahindra bank pulled the plug on it. However, the exchange resumed operations on July 5, 2017, after moving to Andhra bank.
Israel is currently looking to develop its own cryptocurrency, essentially virtual blocks of code representing monetary value, like bitcoin. The country is one of the battlegrounds in the development of cryptocurrencies, setting precedent on issues of finance, law, and banking, the pillars of a nation’s economy.
Like many other countries around the world, Israel has been taken away by the bitcoin mania in the last couple of weeks. The local media reports price changes daily, it interviews people that became millionaires overnight and shows the long lines of people waiting outside bitcoin ATM locations in Tel Aviv.
In 2017, we’ve heard soundbite after the soundbite from more traditionally-minded finance professionals like JPMorgan’s resident Bitcoin troll Jamie Dimon. What space has been missing, though, has been comments from big-wig, influential Western politicians.
En un video publicado el martes, el primer ministro israelí, Benjamin Netanyahu, afirmó que la operación de los bancos tradicionales eventualmente se volverá obsoleta y podría ser reemplazada por Bitcoin. Él basó su afirmación en la naturaleza sin confianza de la tecnología Blockchain y en el continuo y notable crecimiento de Bitcoin este año.
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What about theft by hackers? Herzog acknowledged that it happens, but, he pointed out, “That also happens in the real world, that people abscond with the money. It’s a very small minority. The utter majority of (cryptocurrency) exchanges are reliable and stable,” he asserted. “Mt. Gox’s collapse was in the beginning. They were just a card-games site that added an option of using bitcoin. They had a lot of money stolen and collapsed, and the litigation and trials continue.
According to the Israeli Prime Minister, the bank’s main objective is always to ensure valid transactions and provide the best security for both parties involved. Both of which, could easily be improved with the use of blockchain technology.
Erik Ross ’Peel a banana upside down’ Creation sings, so we sing. Creation thumps and bumps in time, and so do we. It seems to be what God intended.
While it’s evident that Netanyahu has faith in Bitcoin as a cryptocurrency, it’s clear that he has little faith in the current banking system. Believing that they were formed and remain operational to ensure that transactions between two individuals or parties are secure and valid, the argument is that this won’t be an appropriate system in the future. Banks continue to exhibit control on how cash is spent, reaping the benefits as a result, largely at the expense of the customer. Blockchain represents a different proposition entirely, as the technology that stands behind Bitcoin allows for any number of individuals to transact between each other directly. This represents a decentralized technology that pulls transactions away from centralized institutions, ensuring validity and security as a result. “The truth behind what I just said is what’s propelling Bitcoin upwards”, Netanyahu said.
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