Business World

Friday 21 September 2018

Israeli regulator moves to restrict Bitcoin-linked trading

Bitcoin had lost nearly 30pc at one point last Friday, dropping to $11,159.93 from highs that approached $20,000 earlier last week. Photo: Reuters/Dado Ruvic/Illustration
Bitcoin had lost nearly 30pc at one point last Friday, dropping to $11,159.93 from highs that approached $20,000 earlier last week. Photo: Reuters/Dado Ruvic/Illustration

Steven Scheer

Bitcoin held its overnight gains in early US trading yesterday after being pummelled in recent trading sessions. The world's biggest and best-known cryptocurrency rebounded on light trading volume from its worst week since 2013, to around the $15,000 mark on the Luxembourg-based Bitstamp exchange.

Bitcoin had lost nearly 30pc at one point last Friday, dropping to $11,159.93 from highs that approached $20,000 earlier last week.

Israel's markets regulator said on Monday that it will propose regulation to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv Stock Exchange.

Shmuel Hauser, the chairman of the Israel Securities Authority (ISA), told the Calcalist business conference he will bring the proposal to the ISA board next week. If approved, it would be subject to a public hearing and then the stock exchange bylaws would need to be amended.

Bitcoin is a publicly available ledger of a finite number of digital "coins", which backers say can be used as a currency without the support of any country's central bank.

It is "mined" by computers, which are awarded new coins for working out complex mathematical formulas. A dramatic spike in the price of Bitcoin this year has raised bubble fears, and the asset is extraordinarily volatile. (Reuters)

Irish Independent

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