Hey there! Are you interested in learning about some exciting financial news from Israel? Get ready because six brand-new Bitcoin-tracking funds are set to launch next week, thanks to the recent approval from the Israel Securities Authority. These funds will give local investors the opportunity to get involved in the cryptocurrency market without having to deal with foreign currencies.
The funds will work by mirroring Bitcoin’s (BTC) price movements through various indexes and strategies. They’ll be available for purchase at banks and investment firms starting December 31st. Some of these new funds will even go the extra mile by actively managing their portfolios in hopes of beating Bitcoin’s performance.
Behind these innovative funds are some well-known mutual fund managers in Israel, including Phoenix Investment, IBI-Kessem, Meitav, More, Ayalon, and Migdal. The management fees for these funds will vary between 0.25% and 1.5%, which is pretty standard for the industry. This news comes as a big win for local asset managers who have been trying to break into the digital currency sector for quite some time now.
They were finally granted regulatory approval just last week, after two long years of waiting. But wait, there’s more! This isn’t the only exciting financial development happening in Israel right now. They’ve also been working on developing their very own central bank digital currency (CBDC), called the “digital shekel.” Since May, they’ve been exploring ways to create real-time payment systems using this digital currency through an initiative called the “Digital Shekel Challenge.” While there’s definitely some public support for this project, there are also concerns about privacy issues that come along with it.
Nonetheless, it’s clear that Israel is making some major strides in the world of finance and digital currencies. So, if you’re interested in staying up-to-date on all things money-related, keep your eye on what’s happening in this tech-savvy nation.
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