Israel Having Great Experience with Digital Currencies. Bitcoin and other digital currencies are becoming more popular in the world day by day; more and more people are gaining a lot of profits with them. However, individuals are not the only ones who are engaged here as some countries have also been doing the same. Israel, for example, has benefited substantially with the rise of digital currencies popularity. Israel has been on the verge of becoming the leader when it comes to financial technologies and digital currencies have contributed a lot to achieving that goal.
Not that long ago, the Israeli Securities Authority announced that they would be taking a closer look at the initial coin offerings and consequently pass any necessary regulations in order to protect investors and prevent criminal acts. Around the same time, Israel’s first blockchain incubator has been launched and it has been named the Alignment Incubator. It helps to develop and fund the projects that have the potential to become hugely successful when it comes to the Israel’s ecosystem of digital currencies.
The Rise of Cryptocurrencies
This incubator has been developed in cooperation between several companies including BlockchainIL, Singulariteam, as well as CoinTree Capital. Moshe Hogeg, Singulariteam’s founder and CEO, has stated that the Alignment Incubator will invest in every blockchain company in Israel in 2017 which is a good enough sign that digital currencies have become very important factor for Israel’s economic and financial sector.
He also said that the blockchain technology is the technology of the future and that it will change the world as we see it very soon. He added that projects that the Alignment Incubator will be investing in will have the potential of benefiting the world with new services and products, as well as new business models. Initial coin offerings are a huge part of that plan and one of the biggest success stories in Israel when it comes to ICOs is Herzog and his Bancor Foundation.
In June of this year, Bacor Foundation organized an ICO campaign and they managed to raise more than $153 million in Ether. According to Herzog, that is yet another sign that Israel is becoming a world’s leader in utilization and development of the blockchain technology. Besides that, he also mentioned that Israel has a long standing history of business innovation and start-up companies, which made the country very open to the potential of blockchain technology and digital currencies in general.
Improved Safety Measures already Being Implemented
As mentioned before, Israel’s financial authority has announced that they might be passing some regulations regarding Initial coin offerings. However, some of the companies that deal with that kind of business have already started to implement new regulations. They have improved their security and upgraded their levels of privacy protection which would additionally protect investors, which is one of the reasons why the Israeli Financial Authority might be passing new regulations.
Even before the sudden rise of digital currencies, Israel has been among the top countries in the world in terms of cyber capabilities. Over time, Israel migrated to the blockchain technology which enabled them to fully develop their cyber financial economy and to become the world’s leader in that aspect.
Written by Ivan Potocki
