According to a Reuters report, Bank Leumi is Israel’s largest bank, which was founded about 120 years ago today. Its headquarter is in Tel Aviv-Yafo. Now it is going to step into the world of cryptocurrency.
Bitcoin (BTC) and Ether (ETH) are the two largest cryptocurrencies by market capitalization. The bank aims to bring such services to the customers so that they can easily trade in both these digital assets. You can buy, hold and sell them. The bank will also charge it for the transaction. The minimum transaction for this would be 50 shekels (approximately $15 or around Rs 1200).
Bank Leumi has not announced any official launch date for this. The organization will still have to wait for regulatory approval from the country’s central bank and tax authority. If approved, the cryptocurrency services will be launched through the bank’s online application. Apart from this, the bank also wants to make the tax collection system more easy. For this, the bank will charge tax following the rules of the Tax Authority, when the customer sells and converts the digital assets back into shekels.
Banks in the US are at the forefront when it comes to adoption of cryptocurrencies for banks. Several major US banking institutions such as Goldman Sachs, JPMorgan, Bank of America, and Citigroup have moved towards adopting digital assets. At the same time, Morgan Stanley gives its customers the opportunity to invest in bitcoin through a variety of funds. BNY Mellon’s name also comes in the list of its leaders when it comes to institutions adopting cryptocurrency. The organization has launched a variety of crypto related services.
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