Israeli Bitcoin and crypto traders are going to use their lawsuits against the banking institutions because many of the banks have closed the accounts of Bitcoin traders, therefore, they have filed an appeal against these banks.
They want these banking institutions to discuss their working policies related to the cryptocurrencies.
Many of the lawsuits tried to pay crypto taxes in order to know whether these banks were accepting their money or not which resulted in the refuse from the banks.
Refusal from the Central National Bank of Israel
The national bank of Israel has also turned down these crypto traders as the Bank of Israel has not accepted the request of the Israel Bitcoin Association to show the guidelines and policies regarding the usage of digital cryptocurrency. These Bitcoin traders were blocked by many of the banks so that they could not open any new accounts.
The main reason behind the refusal from the Bank of Israel is that the traders’ money has got the tag of Bitcoin.
The Israel Bitcoin Association is also planning on filing a lawsuit against the national central Bank of Israel so that they could accept the money of Bitcoin and crypto traders. For some years, the banks and governments were considering this as an easy process of paying and doing these illegal activities.
The Israel Bitcoin Association has confirmed it that they only want to circulate their digital cryptocurrency and want to get people aware of it and its use. But the National Bank of Israel despite knowing this fact has blocked the Bitcoin traders to not to open their accounts.
Report of Haaretz
Haaretz which is a local outlet in Israel has said in a report that the money which is made by selling of Bitcoins that is $85 million has not been received by the nations in the form of unpaid taxes because of these banks lockouts. Bitcoin traders were also affected by the Bank of America because of their issues with the Bank of Israel. A hedge fund executive has claimed that his three years old daughter’s accounts were blocked by the Bank of America because of her association with digital cryptocurrency.
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