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Israel’s Central Bank published a request for information about DLT

Israel’s Central Bank needs information about DLT

The team, composed of representatives of Israel’s Central Bank published on its website an official request for information about Distributed Ledger Technology (DLT).

In the request under the name "Regulatory Coordination of Virtual Assets", said:

"The regulators of the Israeli financial system believe that they have every opportunity to update and strengthen cooperation and coordination among all regulators and society that have a particular relevance to the Distributed Ledger Technology".

It is known that in the special group included not only the Central Bank, and representatives from the Securities Authority, the Ministries of Finance and Justice, the Tax Authority, the Israel Money Laundering and Terror Financing Prohibition Authority and other regulatory authorities of Israel.

The document requests information regarding possible obstacles to the development of local DLT industry. In the text directly highlights the problems faced by local DLT-companies, fundraising organizations, and investors and consumers who use virtual assets.

Moreover, the publication indicated a need for information about the risks of using virtual assets and ways of application of Distributed Ledger Technology in the financial industry. In addition, the statement also raised the question of the capacity of the DLT in solving problems related to money laundering and the financing of terrorism.

According to the document, all stakeholders are encouraged to provide the relevant information by 31 December 2018.

In November it became known that the Israeli research group exploring digital currency options, advised the Central Bank of the country not to hurry with the release of its own cryptocurrency.

In early December, Ehud Barak, a former Israeli Prime Minister, drew an analogy between digital currencies and Ponzi schemes. According to him, he "would never consider cryptocurrencies as an investment tool because Bitcoin and other cryptocurrency is a Ponzi scheme."


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