Israeli Prime Minister (PM) Benjamin Netanyahu said that the process of traditional banks will eventually become outdated and can be replaced by Bitcoin he descrembed by the trustless nature of the Blockchain Technology and on Bitcoin's growth, according to this year. Wow! he surely isn't one of the most prominent leaders of the world, but surely PM of Israel giving such statement could increase people's confidence in it. The traditional banking system is obsolete, and it needs some replacement for sure. Blockchain surely gives out the best answer as it favors none. What you will be shown in a block would be really nothing fictitious like the banks generally do.
While there will be, and have been in the past, many alternatives to cash that have been innovative and good for purpose” methods of payment to varying degrees, Currency Research believes that there has not yet been a viable alternative to replace cash as a payment method. In the eventuality of mass adoption of such an option, central banks risk losing control of their economies and their relevance if they promote and encourage alternate means of payment that do not have the speed, convenience, trust, universal acceptability, and even the relative anonymity of cash.
The Income Tax department recently conducted survey operations at significant Bitcoin and other cryptocurrency exchanges across the country. Under Section 133A of Income Tax Act 1961 Speaking to Inc42 Shivam Thakral, co-founder of multi-cryptocurrency exchange BuyUCoin stated, The Department of Income Tax visited our office asking details of people trading Bitcoin in significant numbers.
Since the ‘infamous' demonetization, the government has already frozen over 200K bank accounts for suspected ‘unusual' transactions, and this may be repeated for Bitcoin traders and exchanges too. For instance, one of the cryptocurrency exchanges BTCXIndia had to shut down its operations on May 8, 2015, after Kotak-Mahindra bank pulled the plug on it. However, the trade resumed operations on July 5, 2017, after moving to Andhra bank.Like many different international locations worldwide, Israel had been taken away by way of the bitcoin mania within a remaining couple of weeks. The native media experiences worth adjustments day-to-day, it interviews those that changed into millionaires over evening and presentations the lengthy strains of folks ready out of doors bitcoin ATM places in Tel Aviv