Internet Currencies and National Security

Internet currencies do not claim to replace state currencies, but even if the phenomenon is realized only partially, it is hard to dismiss the idea that it could deprive states and financial establishments that control the global financial system of their exclusive hold over means of payment. In the long term, if this phenomenon spreads and is not regulated, it could also have implications for internal stability. At present, regulatory bodies such as central banks in the West as well as in Israel appear fairly indifferent to internet currencies and their impact on various fields of activity, because they are not a familiar official currency, security, or asset. Israel would do well to accelerate the process of defining its approach to internet currencies, with an integrated examination of the subject by all the regulatory bodies involved, including cyber teams, and in collaboration with other elements worldwide.

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