"Israel Needs to Take a Chance on Bitcoin" States Head of National Economic Council

Professor Eugene Kandel, an economic advisor to Prime Minister Binyamin Netanyahu and head of Israel’s National Economic Council, stated yesterday that Israel needs to take a chance on bitcoins. Kandel’s talk was part of his participation at a conference yesterday in Jerusalem presented by Israel’s Ministry of Treasury on the topic of labor contracts and wages.

The reference to bitcoins was brought as Kandel expressed that the economic reality in Israel is that disruptive technologies are changing the modern workforce. As a result, he estimated that 900,000 employees in the country are at “high risk” of seeing their jobs replaced by technology. While he believed that only a small percentage of the 900,000 would find themselves fired, the remainder would experience no growth in their positions.

As a solution, Kandel proposed that Israel should focus in becoming leaders in niche technological sectors. He explained that as a small nation, focusing and cornering individual niches provided a large opportunity for the overall economy. To do this, Kandel questioned the audience whether the government is ready to initiate regulations to support innovations in technology which will provide long term economic benefits.

Kandel brought bitcoins as an example and expressed that the government needs to take a chance with the digital currency. He added that the result is that if bitcoins are taken up by the rest of the world, Israel would be well positioned to benefit economically.

Bitcoins and Stem Cell Research

The idea that Israel should become a leader in bitcoins has been proposed in front of government officials in the past. During the Israel Bitcoin Conference in February which included attendees from the Bank of Israel, panelists brought precedence from stem cell research. In this case, it was cited that Israel was able to become a leader in stem cell research and filled a gap after the US had initiated walls to limit its research. Similarly, by becoming proactive in promoting bitcoins and increasing its adoption, Israel could become a Hub Hub A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method Read this Term for exporting technological innovation involved with digital currencies and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.