Ethereum World News
  • Ethereum
    Can the Bitcoin (BTC) Price Surge 72% to Hit $16,000?

    Ethereum Could Surge 100% Against Bitcoin as Bull Case Grows, Istanbul Activates

    Is Decentralized Finance (DeFi) Ethereum’s FIrst “Killer” Application?

    Is Decentralized Finance (DeFi) Ethereum’s FIrst “Killer” Application?

    Ethereum (ETH) Istanbul Hard Fork Will (Likely) Activate in 30 Minutes

    Ethereum (ETH) Istanbul Hard Fork Will (Likely) Activate in 30 Minutes

    60% of Ethereum Nodes Not Ready for Istanbul Blockchain Upgrade

    60% of Ethereum Nodes Not Ready for Istanbul Blockchain Upgrade

    Bitcoin (BTC) Price Looks “Ready” to “Break Out,” Analysts Claim

    Ethereum Price to Never Top $1,000 Again? Analyst Thinks So

    Venture Capital Giant Injects Millions into Ethereum DeFi Startup: Good for ETH

    Venture Capital Giant Injects Millions into Ethereum DeFi Startup: Good for ETH

    Ethereum DeFi Scene Sees Shakeup: Synthetix Surmounts Compound

    Ethereum DeFi Scene Sees Shakeup: Synthetix Surmounts Compound

    Ethereum (ETH) Price May Run Again as Istanbul Hard Fork Nears

    Ethereum (ETH) Price May Run Again as Istanbul Hard Fork Nears

    Ethereum Unlikely to Rally Against Bitcoin Unless Key Resistance Clears

    Ethereum Unlikely to Rally Against Bitcoin Unless Key Resistance Clears

  • Bitcoin
    Bitcoin

    Bitcoin May Enter Consolidation Period, Which Could be Bullish for Altcoins

    Bitcoin

    Bitcoin’s On-Chain Metrics May Signal That the Bottom is Close

    “NO”: AliPay Comes Out Against Binance’s Latest Bitcoin On-Ramp

    Bitcoin Price May be Ready to Return to $8,000, Bottoming Pattern Implies

    British Remittance Firm Looks to Adopt XRP-Based Product from Ripple

    Institutions Start to Lean Bullish on Bitcoin Again As Price Holds $7,500

    Bitcoin (BTC) Price to Have a Green Christmas? Report Suggests So

    Bitcoin (BTC) Price to Have a Green Christmas? Report Suggests So

    XRP Price Prints Bullish Divergence, Could Imply Impending Rally

    Shorter of Bitcoin’s $20,000 Top Doubles Down on “BTC Will Die” Narrative

    Bitcoin

    Analyst: Now May Be One of the Top 3 Greatest Bitcoin Buying Opportunities

    Ripple CEO: XRP is Useful, Just Look at Moneygram

    Bitcoin Price Primed to Bounce Towards $10,000 Heading Into Halving: Analysis

    Does Bitcoin Even Need ETFs? Pioneer Asks Amid Fidelity Rollout

    Macro Bitcoin (BTC) Price Trend Implies $5,000 Still Likely: Analyst

  • Latest
  • Prices
    • Ethereum Price
    • Bitcoin Price
    • XRP Price
    • Chainlink Price
  • About Us
    • Contact Us
    • Advertise
    • Disclaimers
    • The EWN Team
    • Partners
    • Terms of services and Privacy policy
No Result
View All Result
Ethereum World News
No Result
View All Result

Israeli Banks Freeze Funds of Cryptocurrency Traders

Alex Kyriakopoulos by Alex Kyriakopoulos
August 9, 2019
in Law and Legislation, World
Bitcoin investment
7
SHARES
151
VIEWS
Share on TwitterPost on Reddit

Banks within Israel have continued to be uncooperative with cryptocurrency as traders report an inability to deposit profits.

Israeli media firm Haaretz reports that approximately $86 million in unpaid taxes resulting from cryptocurrency earnings have amassed due to the banks’ stubborn refusal to accept deposits. 

As investigated by Haaretz, the banks are reportedly refusing to accept deposits of cryptocurrency profits out of concern they may be being used illegally. Some traders are unfortunately left without a means of having their profits in fiat currency reach Israel, leaving the question of the sustainability of crypto trading in Israel.

The tax tax authority of Israel is aware of the situation, but states that the problem lies not with them, but with bank policies in the nation. 

The tax authority of Israel considers cryptocurrencies to be assets, consequently subjecting them to a 25% capital gains tax for individuals, and 47% for corporations. Not only is the tax authority hemorrhaging money due to unpaid taxes, but also information on cryptocurrency activity that would give insight into money laundering and black market activity facilitated by crypto.

The banks’ decision not to touch cryptocurrency stems from a piece published by Israeli financial regulators five years ago, which warned both the public and the banks about the increased risk of cryptocurrencies as products of illicit activities, including money laundering and terror financing.

Bitcoin investor Roy Arav spoke to Haaretz, having run into the seemingly typical problem of trying to pay taxes by means of Israeli banks. Arav took his bank, Israel Discount Bank, to court.

Discount denied Arav’s request to let Arav move his profits from a trustee account owned by trader Bit2C to his personal bank account. The bank’s policy states that activities in client accounts which originate in cryptocurrencies are not permitted, due to risks of illicit activity that the bank may be exposed to.

Arav reported that the Israeli tax authority was understanding of the problem and allowed him to delay payment until the filed lawsuit could be ruled upon; however, he would be required to pay interest on the back taxes. 

I paid the money from money that was supposed to go to buying a house.

Roy Arav

The suit prompted the Attorney-General to issue a statement, announcing that regulators and banks had formed a committee to establish a formal position on the imbroglio of cryptocurrencies and bank deposits.

Arav’s lawsuit has been postponed, awaiting the committee’s recommendations.

Tags: BanksisraelTax Collection
Alex Kyriakopoulos

Alex Kyriakopoulos

A cryptocurrency enthusiast since 2015, Alex has been passionate about decentralization and open source technologies for far longer. He has since involved himself in related media, hoping to spread the word and publicize the benefits of decentralization in today's world.

Top Stories

XRP News

“Long XRP, Make Bitcoin”: Analyst Who Believes Price Near Bullish Break

December 3, 2019
1.4k
NEWS

60% of Ethereum Nodes Not Ready for Istanbul Blockchain Upgrade

December 4, 2019
1k
Bitcoin News

Analyst: Now May Be One of the Top 3 Greatest Bitcoin Buying Opportunities

December 5, 2019
981
Load More

News Tip?

tip (at) ethereumworldnews.com
EWN LIGHT

Ethereum World News, a U.S.- and U.K.-centric organization founded in 2017, is a media outlet predicated on providing pertinent, up-to-date, and impactful news stories in the Bitcoin, cryptocurrency, and blockchain industry.


Copyright © ethereumworldnews.com

No Result
View All Result
  • Ethereum
  • Bitcoin
  • Latest
  • Prices
    • Ethereum Price
    • Bitcoin Price
    • XRP Price
    • Chainlink Price
  • About Us
    • Contact Us
    • Advertise
    • Disclaimers
    • The EWN Team
    • Partners
    • Terms of services and Privacy policy

Disclaimer: This website and the information contained herein is not intended to be a source of advice or credit analysis with respect to the material presented, and the information and/or documents contained in this website do not constitute investment advice.