Israel to Put Restrictions on Cash, Helping the Use of Crypto

Israel wants to endorse digital currencies and crypto payments by restricting cash payments.

Israel to Put Restrictions on Cash, Helping the Use of Crypto

At the moment, numerous countries are trying out central bank digital currencies (CDBCs) and Israel has already received a positive response to its "digital shekel." The Bank of Israel conducted an experiment to examine the privacy and payments of users, marking its first experiment with a CBDC.

Jonathan Shek of Oz Finance confirmed that regulations are to be placed on digital assets. However, he did not share the date of when these regulations would take place but assured it would be in the near future due to Israel's growing interest in the world of crypto.

Israel has put restrictions on cash deposits hoping to steer people's methods of payment toward digital. These restrictions were also put in place to help authorities fight crimes such as tax evasion, money laundering, and black market activity.

The new limits on cash transactions have mostly received positive feedback, with Tamar Bracha, the executor of laws on behalf of the Israel Tax Authority (ITA) stating:

"The goal is to reduce cash fluidity in the market, mainly because crime organizations tend to rely on cash."

Rising adoption of crypto use is the goal not only for Israel but also for a few surrounding countries, with hopes to lessen the crime rate and to make it easier and faster for their citizens to make transactions.

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