Whether engineered or by chance, Israel has transitioned into an integral cog in the cryptocurrency world. The country has played a major role in cryptocurrency in 2018. Let’s start with one of the more exciting announcements.
The Association of Banks has requested that the central bank step up their efforts to establish cryptocurrency guidelines for managing cryptocurrency accounts and activity. The Association asked for clear policies, as anti-money laundering laws forbid large deposits when the money comes from unverified sources.
Bitcoin comes from anonymous sources, making it difficult to properly track earnings and demonstrate proof of earnings.
Hapoalim received $200,000 in bitcoin earnings with the recommendation of the Tel Aviv District Court. The significance of receiving these funds is that it sets a legal precedent for future deposits.
But there’s a problem that still remains a serious concern for cryptocurrency: cyberattacks. A leading expert in the field warns that cryptocurrency-related attacks will continue to increase. Experts warn that, on a daily basis, there’s a mining attack or another initial coin offering scam that impacts the industry.
Tel Aviv held the “Blockchain, The New Digital Age” during the annual Cyber Week cybersecurity conference.
Israel’s startups are helping push cryptocurrency to new heights, with many experts claiming that blockchain applications are on the rise. Clearing and settlement systems are being introduced, and the evolution of applications that revolve around blockchain technology are becoming significant.
Blockchain is the underlying technology behind bitcoin and other cryptocurrencies.
The potential for blockchain is massive, with many claiming it will change the way the world’s financial systems operate.
“Answering the question ‘will blockchain disrupt banks’ he clarified that it is not going to disrupt banks. Instead, we are trying to revolutionize the ways people are using banks all across the world through this blockchain technology,” states Brad Garlinghouse on ripple news.
There’s also a concern that blockchain will not allow Israel to comply with the “right to be forgotten” laws in the European Union. Distributed ledgers do not allow information to be erased, and some banks claim that ledgers do not scale to the volume needed to handle big bank transactions.
The second panel of speakers at the conference claims that many of the biggest companies have the “don’t want to be left behind” mentality. Businesses jump into technology, such as blockchain, because they don’t want to be left behind. Panelists agree that the funding and push behind blockchain technology will push the technology into data centers around the world, even if the technology is not the most practical or efficient for the task.
CoinsBank and other companies are focusing on crypto-tourism as a way to benefit from cryptocurrencies.
ICO-focused tours are starting to become a popular choice in Israel and Europe. Some tours aim to solicit the elderly, while others are working with tech-savvy investors trying to lure them into an investment.
CryptoCribs, a company focused on crypto-focused home-sharing, acts like an Airbnb. It connects traveling enthusiasts that are in the cryptocurrency world with crypto-friendly accommodations.