International

December 26, 2017

Israel to ban bitcoin firms from stock exchange


bitcoins

Israel Securities Authority (ISA) is all set to ban companies based on bitcoin and other digital currencies from trading on the country’s stock exchange.

According to Shmuel Hauser, Chairman of ISA, “If we have a company that their main business is digital currencies we would not allow it. If already listed, its trading will be suspended.”

Shares of Blockchain have soared some 5,000 percent in the past few months since it announced that it would shift its focus from mining for gold and iron to mining cryptocurrencies.

On December 22, 2017, the value of a bitcoin plunged by 30 percent to below $12,000 as investors dumped the cryptocurrency, after its sharp rise to nearly $20,000.

Adding further, Hauser said, “We feel that the prices of bitcoin behave like bubbles and we don’t want investors to be subject to that volatility and uncertainty. There is an importance to signal to the market where things are, investors should know where we stand.”

Regulators in Asia Pacific have become increasingly uneasy with the rise of cryptocurrencies such as bitcoin.

In September 2017, Chinese authorities banned bitcoin trading and Initial Coin Offerings (ICO) in the country.

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