Israel’s Security Service: Bitcoin is Unsafe

March 26, 2018

As special committee of the Israel Security Authority on ICO specific status has found, cryptocurrencies used for consumption only like Bitcoin are unsafe with payments in this currency being completely illegal. That was stated in the latest report released.

“Cryptographic currencies that confer rights similar to those of traditional securities such as stocks or bonds will be considered securities. In contrast, cryptographic currencies that embody a right to a product or service and are purchased solely for consumption and use, will not be considered a security, but only if the purpose of the actual purchase was not for investment”.

The committee was founded in August last year with the ISA’s chief economist Gitit Gur-Gershgoren as its head. In the course of its existence a group of researchers studied ICO projects, analyzed bills in various countries on the subject and given all this elaborated its own draft for regulation in this domain.

CEO at the Israeli payment provider Moneynetint Yishai Trif shared his views on the issue:

"Distributed registration is the future of the financial world. We must not forget that technological innovation is supposed to serve the public first and to streamline the range of services.

During my years in digital commerce field, I have seen how technological innovation has been deliberately delayed many times, either because of barriers or because of the inability of the institutional bodies to contain them.

The decision of the committee together with Israel's global position in the space of technological innovation may serve as a catalyst for the rest of the developed countries and lead to its welcome regulation in the use of distributed registration technology”.

Remember, ISA has recently claimed imposing a ban on allotting shares of the companies involved into crypto activity at the Tel Aviv Stock Exchange.

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