In a huge development, GMT and Bits of Gold have entered into partnership to ensure that customers in Israel get Bitcoin without any hassle. In fact, the companies will even comply with current and future anti-money-laundering and know-your-customer regulations in the country. Thus, it’s now the Israeli customers’ turn to help Bitcoin become a mainstream currency.
Currently, customers have a cap on the maximum amount of cash that they can change into Bitcoins via Bits of Gold; the cap is put at 10,000 Israeli new shekels, which is around $2,800. The new collaboration will help customers purchase Bitcoins at their local exchange bureau. Jonathan Rouach, CEO of Bits of Gold who is passionate about Bitcoin ever since he heard of it is confident that Israelis will come forward to welcome Bitcoin to their land.
According to Bits of Gold’s CEO Bitcoin mesmerized him ever since he came up with it. He says he could not sleep for three weeks as he extensively read everything he could on what is money. He took one and half years to know what is math-based money. After learn about Bitcoin, Mr. Rouach used his efforts to popularize the virtual currency.
To form a company which can support Bitcoin, Mr. Rouach even left his job as according to him the crypto currency has a bright future. He believes that Bitcoin’s main strength is its cross-border nature i.e. it can be transferred from one user to another on the other side of the world with ease as it is one everywhere unlike the fiat currencies popular in the current world.
Mr. Rouach is also of the opinion that as larger online service markets begin to accept Bitcoin, there will be a bandwagon effect and Israelis willing to participate in that economy will jump in to cash in the opportunities. Nonetheless, his company is also negotiating with large local retailers who can sell their products in exchange of Bitcoin.
Jonathan Rouach is also planning to set up an Israeli branch of the Bitcoin Foundation as he feels it is essential. According to him there is currently no regulation in Israel regarding Bitcoin or any other digital currency for that matter and the government is studying the case of Bitcoin and even waiting for the US reaction on the same.
His Israeli branch of the Bitcoin Foundation will educate Israeli legislators and decision makers about Bitcoin and build a favorable public opinion.