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One of Israel's largest banks, Leumi Bank, has apparently begun to accept Bitcoin (BTC) and Ether (ETH) transactions. According to Reuters, Leumi's digital platform, Pepper Invest, has teamed with blockchain infrastructure firm Paxos to provide crypto trading. The new service allows Pepper Invest clients to purchase, sell, and keep cryptocurrency.
Before introducing support for other crypto assets, the move will only support BTC and ETH. According to the report, the minimum transaction amount for cryptocurrency was established at roughly $15.50 (50 shekels). There is no set start date, and the new move is subject to regulatory approval. The following points were emphasized in the report: "Pepper will collect tax[es], according to the guidelines of the Israeli Tax Authority, so that customers will not need to manage tax complexities."
Various banks in many countries were initially unwilling to accept Bitcoin and other cryptocurrencies, but this changed as demand from businesses and individuals grew. In addition, regulators have switched their focus away from outright bans and toward the creation of a regulatory framework.
Bits Of Gold’s account has previously been barred by Leumi Bank due to regulatory issues. According to Cointelegraph, a Supreme Court judgement at the time stated that Leumi Bank could not restrict the crypto exchange’s account.
Paxos has been contacted for more information, and the story will be updated whenever they respond.
This is a noteworthy milestone since it marks a shift in the global banking sector’s stance regarding digital assets. DBS of Singapore already provides crypto trading services to corporations, and by the end of the year, it will expand its capabilities to retail clients.
In addition, South Korean bank KB Bank is preparing to offer crypto investing solutions to individual clients, and numerous other institutions are examining similar options.
