Bitcoin holders in Israel are unable to pay their taxes as banks do not want to get involved
|- Aversion by Israeli banks is causing a hindrance for crypto tax payments
- Bitcoin traders in Israel are reportedly having problems being able to pay taxes as banks continue to refuse crypto deposits, according to local press.
The local newswire Haaretz, details that cryptocurrency holders are unable to pay taxes owed for their trades/investments.
In terms of the issue, it stems from several banks not accepting shekel deposits from the gains accrued from cryptocurrency investments. Without shekels in their local bank accounts, many Israeli crypto investors are having heavy liens placed on their accounts. Commenting on the
An Israeli Bitcoin investor was speaking on the matter to Haaretz and revealed:
The tax authority is aware of the problem, but they say the ball isn’t in their court. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze u
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.