- Dr. Avichai Mandelblit gave a public note in a Tel Aviv District Court stating that the Banks should not put direct restrictions of services related to the crypto-related services.
- The Attorney General asked the banks to individually examine each case before coming to terms to refuse any services on the crypto segment on the risk of money laundering.
Dr. Avichai Mandelblit, the Attorney General of Israel, gave a public note in a Tel Aviv District Court stating that the Banks should not put direct restrictions of services related to the crypto-related services.
The Attorney General asked the banks to individually examine each case before coming to terms to refuse any services on the crypto segment on the risk of money laundering.
If the court supports this argument, it is expected to bring stability to the crypto market in the country in which the industries are now facing hurdles to receive any type of banking services.
However, the Banking bodies pointed out that the attorney general is compromising his position in supervising of Israeli Central Banks.
In a similar case, the attorney general’s position in this was filed against Mercantile Discount Bank’s refusal to permit a transfer from a BIT2C account to a bank’s partner-money account starting from trading in Bitcoin virtual assets.
This is not just happening in Israeli banks, and it is a global phenomenon where banks of multiple countries restrict providing any service to crypto users, as the bank bodies are afraid of the money laundering and financing in illegal activities. Regulations are impossible in these untraceable currencies.
This happened in India when the country’s central banks ordered to stop providing or facilitating the users with any crypto-related services, and due to this action, the top companies in India providing the crypto-related services have moved their offices overseas. The other companies have permanently become defunct.
This calling has totally crippled the crypto sector in the country through the final decision is awaited from the Supreme Court whether to legalize the use of crypto services in banks, the present situation has left the crypto enthusiasts in confusion.
However, the countries are embracing the technology of Blockchain to develop their countries globally.
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