If you are abreast of the latest happenings in the crypto community, then, you are definitely aware of the cryptocurrency revolution that is currently on-going. Since the invention of cryptocurrency, various countries have sought ways to take advantage of the benefits of this new technology. Although Japan seems to be ahead of other countries in the use of blockchain technology and cryptocurrency, these other countries are not left out of the race to be the first country to fully leverage blockchain technology. One of the many countries that seem very interested in using cryptocurrency is Israel.
Let’s find out what plans Israel has put in place that will enable it to drive the cryptocurrency revolution.
Japan might be leading the Cryptocurrency Revolution, regardless of this, Israel is not far behind in this race.
At the moment, the nation of Israel has invested a lot of money, time, and effort in taking excellent advantage of all the benefits that are associated with blockchain technology and cryptocurrency. According to a post that was published recently by the Times of Israel, lots of grounds have been covered by Israel in ensuring that blockchain is taken advantage of.
With the rate at which Apps that are blockchain centred are being built in Israel, it is believed that this country might drive the much-anticipated cryptocurrency revolution. Well, Israel might be gaining grounds in the race to lead the new crypto revolution, but it is not free from the many problems associated with the use of blockchain technology.
What are the Challenges Militating against the Use of Blockchain Technology in Israel
Israel, just like other countries, is not free from the many flaws that are associated with the adoption of blockchain technology and cryptocurrency into its financial system. Some of the major issues that serve as drawbacks in the quest of Israel to spearhead the crypto- revolution are cyber-crime. Activities such as the malicious mining of cryptocurrency and crypto-jacking are some of the major challenges that are being faced by the crypto community in Israel. These challenges have stopped the Central Bank of Israel, the people of Israel and the government of Israel from taking complete advantage of blockchain technology.
Israel might be among the many countries that are willing to go fully and embrace blockchain technology. However, this will remain a dream as long as the crime rate that is associated with cryptocurrency and blockchain technology remains high. The reason for this is simple; no nation will want to become a part of a system that corrupted by the activities of criminals.