Sirlibz
A bill just passed out by four members of the Israeli legislatures in these parliament, Knesset on September 22 has made Bitcoin to be seen as a currency and not just an asset for tax purposes.
According to Globes, the bill was passed by MK Oded Forer, Yevgery Soba, Yulia Malinovsky and Alex Kushnir, all four legislators from the Yisrael Beiteinu political party.
The regulatory reality in Israel is not adapted to the existing reality in the field. [Digital currencies] will continue to be a growth engine that allow the Israeli high-tech industry to flourish and develop.- The Bill Stated.
TAXATIONS IN ISRAEL
Currently Israelis are charged a capital gains tax of 25% anytime a conversion to cash is made or a sale of crypto is conducted.
Bitcoin lenders and those involved in bonds-related activities are charged less, they pay capital gains of 15%.
One of the legislators, Forer believes that the global pandemic has fostered the need for the ever developing country to adopt crypto-based payments.
“It is precisely in this period, when the economic future is not clear, [that] it is possible to promote digital payment options due to the social distance that has been forced on us,” Forer opined.
Israel continues to grow in it’s crypto adoption irrespective of the regulatory hindrance. Between 2018 and 2019, a report from Bitcoin Association shows that the number of crypto companies in the Middle-East grew over 32% with about 150 active blockchain companies.
