Israel‘s Bitcoin investors have taken legal action against local banks. They have formally lodged a petition that demands the banks to disclose internal crypto policies in Israel.

The move follows a series of lawsuits filed against financial institutions that refuse to accept money generated by cryptocurrencies. Moreover, the banks have blocked cryptocurrency traders from opening accounts altogether. Banks currently have opaque policies regarding how they handle money that has originated from digital currencies. Therefore, the investors would like to know what the exact policies are.

Israeli banks have denied the Bitcoin Association of Israel the possibility of opening an account. It is interesting to note that the association only focuses on promoting cryptocurrency. It does not buy or sell digital currency. This problem is probably due to the name of the association, which includes the word Bitcoin. Thus, the Association has filed a freedom of information petition in Jerusalem District Court. As per the source, the petition says local banks will have to disclose crypto policies in Israel.

The crypto users are facing the refusal of transactions concerning digital currencies worldwide. So it is about time that the banks started getting pushback for that. There is a natural libertarian and freedom of speech argument here. The investors will rebel against this as this is a violation of their rights. Moreover, the banks cannot deny them to spend their money on whatever they want.