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
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
