Israel's Leumi Bank has received a temporary court order from the Supreme Court which prohibits them from limiting, in any capacity, the bank account of Israeli crypto company Bits of Gold, who are brokers in assisting buying and selling of digital assets.
This decision has sent ripples of joy across the crypto world especially when one realizes that it was December of last year when Leumi Bank had made a decision which upset most crypto enthusiasts. They were on the cusp of cutting off the accounts of Bits of Gold and other cryptocurrency users and businesses, based on the presumption that the business models were illegal.
The court said that the bank’s decision to terminate Bits of Gold’s account was based on an assumption that violations of the law would take place. However, in the crypto broker’s 5 years of operations not one law was broken.
Yuval Roash, the CEO of Bits of Gold said that this ruling has given them the confidence to lead the industry, in order to give digital currencies their rightful place in the Israeli economy. He even said that these are the signs that propels growth in high tech and financial industries.
However, it is not all good news for the crypto world. The order is temporary and based on further evidence, the order could be reversed. Banks, in many ways now can hinder transactions or other activities, they can still impact the market substantially.
The tide seems to be turning in the favor of crypto market in Israel as December of last year, the Israeli government said that they were considering making their own national currency in an effort to limit black market transactions.
Furthermore they have recently published laws concerning cryptocurrency which performs an outline for the payment of taxes which solidifies the hold of crypto trading industry in Israel.