“This first-of-a-kind experiment will dig deeper into the technology, architecture and design choices and trade-offs, and explore related policy questions,” said Beju Shah, head of the BIS Innovation Hub Nordic Centre. “These learnings will be invaluable for central banks thinking about implementing CBDCs for cross-border payments.” Source
▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io The potential around crypto is mind-blowing––so is the hype. An expert panel that separates the future from the past. Featuring Liat Aaronson, Co-Founder, Horizen Labs, Lior Messika, Founder & Managing Partner, Eden Block, Natalie Salemink, Founder & CEO, Skadi Labs and Prismatic, with moderator Isabel Togoh, Associate Editor of Forbes. Subscribe to FORBES: Stay Connected Forbes newsletters: Forbes on Facebook: Forbes Video on Twitter: Forbes Video on Instagram: More From Forbes: Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle…
Police in Israel have detained three suspects who allegedly laundered millions of euros stolen from the French treasury through cryptocurrency transactions. The money came from government grants for businesses affected by the Covid-19 pandemic. Israeli Law Enforcement Busts Money-Laundering Ring Using Coins to Clean Money for French Fraudsters Three people have been arrested in Israel this week on suspicion of providing money-laundering services to criminals who defrauded the French state. The operation follows a covert investigation carried out by Lahav 433, Israel’s special crime-fighting unit, the English-language online newspaper Times…
Authorities in Israel on Monday has in put in place further restrictions on cash payments as a means to combat illegal activity and spur digital payments in the country. Since January 2019, Israeli businesses and consumers have been subject to limits on cash payments under the Law for the Reduction in the Use of Cash. It’s aimed at shifting the country’s citizens and businesses toward digital payments, allowing authorities to more easily track tax evasion, black market activity, and money laundering. From August 1, the limits on cash payments have…
New legislation introducing tighter restrictions on payments with large sums of cash will enter into force in Israel on Monday. The goal, as stated by the country’s tax authority, is to improve the fight against organized crime, money laundering, and tax evasion. Critics doubt the law will achieve that. Authorities in Israel Go After Cash Purchases, Introduce Lower Limits Payments of large sums of money in cash and bank checks will be further restricted in Israel by amendments set to take effect on Aug. 1. Tax officials want to further…
Financial companies in Israel are increasingly moving into cryptocurrencies like Bitcoin (BTC), with two competing credit card firms working on BTC investment and cashback features. Two Israel-based credit card companies, Max and Isracard, have inked partnerships with crypto-related platforms in order to allow cardholders to purchase Bitcoin, the local news agency Calcalist reported on Tuesday. Max announced a collaboration with the local crypto broker Bits of Gold to launch a crypto-enabled card called MaxBack Crypto. According to Max’s official website, the card will offer cashback opportunities in BTC as well…
Despite the fact that it still didn’t make a final decision on the launch of the “digital shekel,” Israel’s central bank reported that the public feedback on the project is mainly positive. According to Reuters, on May 9, The Bank of Israel summarized the results of the public consultation on its central bank digital currency (CBDC) plans. It has received 33 responses from different sectors with half of them coming from abroad, and 17 from the domestic fintech community. While specifying that the final decision on the project’s fate is…
On March 10, the Bank of Israel published draft regulation of anti-money-laundering and combatting the financing of terrorism (AML/CFT) risk management for the banks facilitating crypto-to-fiat transactions. The move hints at the Israeli government’s preparations to legalize and regulate the relationship between banks and virtual currency service providers (VASPs). The document cites the customers’ increased involvement with digital assets as the rationale for the new policy: “In view of the increase in customer activity in virtual currencies, and the resulting increase in customer requests to transfer money […] the Banking…
The draft rules would prevent Israeli banks applying a blanket ban on fiat deposits originating from crypto activities. Source
Israel’s Defense Ministry seized cryptocurrency wallets holding funds that were destined for Hamas, a report has said. The wallets belonged to businesses that are associated with Al’matchadun currency exchange, which itself is accused of helping to funnel funds to Hamas. Seizure Order Israel’s Defense Ministry recently seized cryptocurrency wallets belonging to businesses that are associated with Al’matchadun currency exchange. The wallets had crypto assets worth thousands of dollars or tens of thousands of shekels. The Defense Ministry alleges the seized funds were en route to Hamas, which the U.S. State…