Israel imposes restrictions on cash payments to encourage digital payments

Follow us on telegram

According to the statement of the Israel Tax Authority, the measure is needed to combat criminal organizations that use cash more often

Israel imposes restrictions on cash payments to encourage digital payments

01.08.2022 - 12:05

526

1 min

0

What’s new? On August 1, a law went into effect in Israel that prohibits payments of large sums in cash and bank checks. Transactions exceeding 6000 Israeli shekels (~$1790) must be paid by digital transfer or debit card. According to the Israel Tax Authority (ITA), this is needed to combat illegal activity and encourage digital payments. ITA spokeswoman Tamar Bracha explained that the limitation on cash transactions is intended “to reduce cash fluidity in the market, mainly because crime organizations tend to rely on cash.”

Media Line’s material

In March, Israel’s second-largest bank, Bank Leumi, announced plans to provide customers with the option to trade and store BTC and ETH cryptocurrencies. The financial institution partnered with the Paxos blockchain platform. The initiative has not yet received regulatory approval.

Author:

Editorial GetBlock Magazine

Useful material?

Telegram Newsletter Twitter

Trends

CoinGecko aggregator launches a page to track the capitalization of cryptocurrencies created in the United States

As of January 21, the capitalization of this sector of the crypto market exceeds $519 billion

Jan 21, 2025

Market

Hyperliquid exchange reports reaching a record daily trading volume of $21 billion

The platform generated $9,5 million in revenue during the same time

Jan 20, 2025

Market

Grayscale has opened an XRP-based trust for accredited investors

Shares of the Trust are designed to track the market price of XRP with fewer fees and expenses

Jan 17, 2025

Market

Tether has launched its omnichain-stablecoin USDT0 on the Kraken exchange’s Ink network

The asset will allow USDT to move seamlessly between different blockchains

Jan 17, 2025

Market

HyperLiquid team announces plans to increase the decentralization of the project

Earlier, the community criticized the project for its lack of transparency, which led to a sharp drop in the HYPE token price

Jan 8, 2025

Market

CoinDesk allowed the possibility of BTC to fall amid the growth of the MOVE index

Rising US Treasury bond yields are negatively affecting risk assets

Jan 8, 2025