Bitcoin in Israel can be recognized as a currency

Four representatives of the Israeli Knesset presented a draft law to amend the classification of BTC as a currency.

Bitcoin is now recognized as an asset in Israel, the work with which requires the payment of a capital gains duty of 25% (for example, when selling or converting digital instruments). In accordance with the proposed section, with the approval of the Finance Committee of the Knesset, the head of the country’s department will be able to introduce provisions according to which a list of distributed digital assets will be determined.

Also, Knesset experts emphasize that the country has a high chance of gaining leadership in making payments based on cryptocurrencies. The new payment methods are especially relevant at a time when the world is experiencing the effects of the COVID-19 pandemic, they said. The authors of the project believe that the transparency of regulation will also attract new players to the crypto industry.