Israel's Supreme Court has issued a temporary court order prohibiting alumi banker from restricting the banking activity of crypto broker bits of gold finance magnates reports yesterday February 26 the Supreme Court's decision that has been described as a precedent setting means that banks in general cannot limit accounts associated with the crypto industry yes let the crypto industry rain in June 2017 the district judiciary court of in Tel Aviv had supported bloomie bank went bits of gold had sought a court order from being denied service of my looming the bank had cited the inability for Bitcoin transactions to follow Israel Israel's anti monitoring money laundering laws as a reason for service denial in December of last year Lumi Bank also began blocking customer payments to BTC exchanges suddenly Israeli law against gambling and instructions from the Bank of Israel as the cause for stopping these payments to websites that execute gambling transactions
after the Feb 26 times favorable to bits of gold local news outlet The Globe reported yesterday that you've all Roche the CEO of bits of gold's said in a statement quote the court's decision enables us to continue to focus on a base of the crypto community in Israel we were the first to request the creation of rules for the activity of digital currencies and the first to stand by those rules the judge and not Baron who ruled on the case said since the bank's decision determinate bits of gold account was based on an assumption that violations of the law would take place they lack any of the violations over the past five years supports the decision of undoing these restrictions seems like good behavior over the long haul pays off guys
however Baron adds that the court order is not intended to harm the banks rights to analyze with specificity every transaction that takes place within the bank account or to take any actions that are related to minimizing risks which become a transparent through the activities of the company so what essentially they're saying here guys is that while they're not restricting them legally this bank still has their own sovereignty or autonomy to shut down crypto based accounts anyway that's what they're basically saying here the law firm represented bits of gold as Ione pillersdorf Philip said that they are quote very pleased with the courageous decision of the Supreme Court this is a precedent-setting decision whose importance cannot be overstated in relation to the trading of digital currencies I think this is good this is newsworthy guys we need to shout it from the rooftops Supreme Court ruling that you can't well we can't shut down banks and people getting into the crypto that's a good thing leave it up to the banks themselves it's a little bit more localized yes but it's better than having an entire ruling class called government telling you what you can and cannot do there's a fine line there but again I'd rather have the banks independently tell you you can't use them then you find another bank rather than the government saying that you can't do it at all Israel has been coming up with guidelines for cryptocurrency regulation in the country in bits and pieces Israel's tax authority reported last week that it would consider cryptocurrency as property in terms of taxes and in August 2017 the Israeli Securities Authority panel announced that they would potentially begin regulating initial coin offerings also in December of last year year the Israeli government said that they are considering releasing their own national currency called the shekel in an effort to limit black market actions well guys like I said this is a precedent-setting shout it from the youth the rooftops kind of news this is good we need to remember that we have now a precedent a Supreme Court from Israel whether you like them or not has said that they cannot regulate or prohibit rather people who want to get into cryptocurrency through banks now it's up to the banks but I'd rather have the banks make that decision than the government so what's so maybe we have a conundrum here let me know in the comments section below your thoughts on this particular precedent and how it will play out in the long term & smash the like button
