Israel Bill aims to get investors to report bitcoin owners over $ 61k

The purpose of the Israeli bill is to require investors to report their possession of more than $ 61,000 in bitcoin to tax authorities to counter bitcoin lawyers.
On Tuesday, Israel’s Finance Ministry released a bill asking investors to tell tax authorities about bitcoin properties worth more than $ 61,000.
Under the proposed bill, the reporting task for bitcoin and cryptocurrency owners is aimed at optimizing tax collection. If approved, the bill would order that residents of any country trading with bitcoins or cryptocurrencies must notify authorities of their possession of $ 61,000 or more.
The bill reportedly has already received opposition from the Israeli bitcoin Association (IBA) and other bitcoin lawyers.
Nir Hirshman, head of the IBA regulatory Department, reportedly contacted senior officials of the Israel Tax Authority (ITA) as soon as the association saw the bill. The letter was reportedly addressed to Ita President eran Yaakov, who intended to explain why the Association opposed the proposed legislation.
The letter reportedly says there are no other similar asset reporting requirements that actually discriminate against bitcoin owners. Moreover, such reporting would damage the privacy of bitcoin owners as a result of creating a single point of failure-a database that could be leaked would compromise people’s security.
Israel is testing its central bank’s digital currency and is also struggling with the use of cash from the new account. The ITA, the state body that proposed the project, aims to reduce the country’s volume from “black capital” and disclose undisclosed assets and revenues. But Hirshman disagrees.
“This is a bad offer that will hurt bitcoin investors and not even add a dollar to the tax collection in Israel,” Hirshman told CoinDesk.””We believe that the demand for ownership of crypto assets in Fiat terms will inadvertently alter the regulatory law-abiding CIT

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