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Israel’s Bitcoin Association Petitions for Full Disclosure of Bank Policies on Cryptocurrency

The Israel Bitcoin Association is said to have registered freedom of information petition in a Jerusalem court. The appeal aims to demand local banks to divulge their policies regarding funds coming from cryptocurrencies. 

The Bitcoin Association is a non-profit group that advocates the use of Bitcoin (BTC) and other digital currencies. 

Report from Globes

According to Israel’s financial newspaper Globes, state banks are mandated to report to the Bank of Israel their reasons for denying transactions. The Bitcoin Association previously reached out to their country’s central bank to request for clarification on commercial banks’ crypto policies, but they were refused. 

Meni Rosenfeld, the chairman of the Bitcoin Association, said the Bank of Israel cited industry secrets as the reason their request was denied. This appears to have convinced the organization to push through with its legal suit to make the disclosure a requirement. 

Jonathan Klinger on the Topic

The group’s legal adviser, Jonathan Klinger, admitted that they had contacted the Bank of Israel for information, but it didn’t agree to the policy disclosure. Thus, they have decided to file an appeal to force the Bank of Israel to provide them with a copy of the policies submitted by the banks. 

Israeli banks were said to have denied the Bitcoin Association the capacity to open an account, even if the group doesn’t sell or purchase digital currency. The Globes report noted that this could be due to the group’s name, which carries the term “Bitcoin.”

The group isn’t the only one experiencing bank problems. Several traders and crypto-related companies have also encountered issues in staying tax-compliant and making deposits because of bank policies that are against cryptocurrencies. 

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