Israel has been looking at the possibility as of recent to get into the cryptocurrency world. The potential to develop what could be an international financial center within the country is something that could potentially shape and reshape the economics within the country.
The one thing that is needed within the country for this to become a possibility is a solid amount of regulatory measures put in place. The potential for the market within Israel to become explosive it Is something that Shmuel Hauser has stated it could come into existence very soon. He stated that “the quest for investments in bitcoin reminds me of the 19th century gold rush.”
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Public interest in the currency has soared to an all time high along with the price of the cryptocurrency. The price recently shot up above $11,000, beating out its 2016 closing price of $952 by a large amount. The potential for investments to help provide a safeguard in the investing market as a whole is something that continues to drive people to put money in.
Many countries have been deciding on whether or not they will put regulations due to the fact that this would mean they support the idea of a decentralized currency. The central bank’s Governor Nestor Espenilla of the Philippines, has stated that they are in talks with the nations Securities and Exchange Commission on how they can overcome these legislative challenges.
Yaniv Pagot, the chief investment strategist at the Ayalon Group has stated that “the vision of Israel becoming an international hub is wishful thinking that stems from Israel’s technology abilities. I don’t think there are enough people in Israel ready to give a kosher stamp for something like this yet.” The hopes are high that this will change soon and the small nation can begin to get involved in the crypto space.