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Israel Restricts Cash Transactions Above $4,400 From August 1

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  • These quantities are lower than Israel’s prior 2019 transaction restrictions.
  • Violators might face fines of 15% to 25% of the money involved.

Citizens of Israel will be unable to utilize cash for transactions greater than $4,400, depending on the company they are dealing with, beginning Monday. Israel is increasing its hold over the country’s currency.

Beginning August 1, Israelis will be unable to pay for goods and services with cash if the total is more than 6,000 shekels ($1,760). When it comes to business payments, it is said that this provision is applicable to donations, loans, and wages.

Personal transactions above 15,000 shekels ($4,400) will also be forbidden for citizens. These quantities are lower than Israel’s prior 2019 transaction restrictions. Previously, a personal transaction could only be for 50,000 shekels ($14,660), whereas a company transaction could only be for 11,000 shekels ($3,220).

Charities, religious organizations, West Bank Palestinians, and immediate family members are excluded from the rule, but tourists are not. Additional steps are planned to prevent Israelis from keeping more than $58,660 in cash at home.

Strict Penalty Attached

Those who break the law will have to pay a heavy price. A fine of between 15 percent and 30 percent of the transaction’s value may be imposed on individuals participating in transactions that exceed the limit. Legal violations in personal transactions up to 25,000 shekels will result in a punishment starting at 10,000 shekels. Violators might face fines of 15% to 25% of the money involved if the transaction is substantial enough.

To combat money laundering, tax fraud, and terrorist funding, the Israel Tax Authority said the regulation is intended to decrease the usage of cash by Israelis. The new laws will encourage the use of digital payments and make it simpler for Israeli authorities to keep tabs on financial transactions. Crypto adoption might surge but the government is expected to track all activities.

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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

The United States’ newest release on its inflation rate for July has created a celebration reason for many, especially the crypto sector. According to the Department of Labor publication, the July customer price index (CPI) report dipped to 8.5%. This was against its last year’s value of 9.1%.

With the report’s release, many people have expressed their recommendations for the Biden Administration and their shock. Some confessed that they have expected to see a spike in inflation due to some of the prevailing factors at the moment. They mentioned that the ongoing Ukraine-Russia war and price increase in goods were expected to play a role.

US President Joe Biden has reacted to the great news of the CPI report. Commenting from the White House, he maintained that the news shows that the economy ran with zero percent inflation for July.

President Biden further mentioned that their approach to controlling inflation yields positive results. Hence, he encouraged Congress to pass the inflation Reduction Act. This will help to build an economy that would reward hard work.

In the past six months, the US reported a negative GDP value for the two quarters of the year. Inflation also rose within the period, as indicated by the high-priced economy.

The report pointed out the monthly energy cost reduction that hit 4.6%. The value contradicts that of 2021, which gave a climbing curve to be at 32.9%. On the part of food expenses, there is a continuous uptrend.

The report recorded an 11% increase for July and a 10.9% rise on a year-over-year basis. Pundits reported that this value stands as the highest surge since May 1979.

Cryptocurrency market trends downwards | Source: Crypto Total Market Cap on TradingView.com

Gasoline prices dipped by 7.7% monthly to give drivers a little aid. However, it remained higher than the value for 2021 by 44%.

Crypto Market Followed An Uptrend

In a new development, the crypto market is making positive progress in price and value. However, the crypto space has been in shamble due to the impact of the crypto winter and other combining factors.

In addition, the geopolitical climate and macro influences had been quite unfavorable. As a result, bitcoin and most major crypto assets experienced drastic price drops over the first half of 2022.

While expecting the CPI July report, many cryptocurrencies dropped on August 9. On its part, BTC plummeted by 4% to trade at $23,100. This sudden downward move was after it hit the $24,000 level as of Monday. For Ethereum, the drop went below 5%.

But the market prices are making a bounce with most assets moving uptrend. For example, while Bitcoin has climbed above $24,200, Ethereum is increasing slightly beneath $1,900 at the time of writing.

Featured image from Phemex, Chart from TradingView.com
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Ethereum (ETH) Price Rallies in Anticipation of Upcoming Merge

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Ethereum Classic Price Rallies Than Ethereum