Israel To Issue A Digital Currency
Following in the footsteps of other countries, like Estonia, for instance, Israel ponders the issuance of a digital currency. Please note the fact that I said "digital" and not necessarily "crypto currency". The problem that they try to solve is not excessive centralization, as this digital currency will obviously be controlled by a central bank, but the black market.
According to the article in Haaretz which broke the news:
Israel’s black-market economy is estimated to be the equivalent of 22% of the country’s gross domestic product. Under-the-table transactions of such magnitude mean that the treasury is losing about 50 million shekels in uncollected taxes annually – an amount almost equal to the country’s education budget.
It's not yet clear if and when this currency will be issued, but it's a symptom of a wide range of problems that the blockchain technology can solve even in a centralized environment.
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they are not the only ones who will :)
I remember reading something about this going into effect soon and it’s finally coming closer, soon other countries will follow a similar path
I dont think issuing a digital currency will make a lot of difference. As you mention it will be control by central bank and they can create as many as they want. They can also track who and where it is used. Above mention features are what make Cryptos useful not like any other currency.
Hahaha well centralization surely won't solve any black market issue.
...well, we can argue about it, as a matter of fact, as it's not as obvious, buuuuut my 2 cents go for stating that a major contributing factor to most black markets is excessive control and regulations.
People don't like that, and it'd be time for governing forces to hear people's opinions about it.
Until that happens, no change is going to occur.
Wow this is great news and right on the faces of countries opposing cypto currencies.
perhaps they should consider lowering taxes?
perhaps :)
it's been shown here in the USA
that for the federal Gooberment to
MAXIMIZE tax revenue.
the thing to do
is to LOWER taxes.
with lower taxes the economy heats up.
more people work
more wealth is created.
more taxes are PAID
at a lower rate.
odd how the Dhmikrats can't seem to realize this.
wonder if they are after something
OTHER
than tax revenue?
Wise words!
I've heard the news yesterday, we also have our national crypto, hucoin :) (Not huncoin, that is in China.)
that's interesting, you already have it or you plan to have it?
No, I've justread about it yesterday on Facebook. Then tried to find it on Google, but there was no result.
Step by step the world is changing.
Yeap, you can say that again. And again. And again :)
This will be a good news...
many more countries will follow this trend soon huhh
Don't really see how their currency will abolish the black market
They want to reduce the circulating cash.