Israel is likely to recognize Bitcoin as a Currency

The Government of Israel received a bill from the political party Yisrael Beiteinu, which aims to recognize Bitcoin as a currency.

The authors of the law claim that the regulatory policy in Israel is not at all adapted to the reality in this area, because each sale is classified as capital income and is a subject to capital gains tax.

The aim of the proposal is to add a section to the Income Tax Decree according to which the cryptocurrencies are classified as distributed digital currencies.

MK Oded Forer, as one of the authors of the proposal, said:

The state of Israel has the ability to be among the leaders in digital currencies if it only recognizes the use of the blockchain as a currency for everything.

Source: https://ccnews24.net/israel-wants-to-recognize-bitcoin-as-a-currency/