Israeli PM: Cryptocurrency comes and banks doomed disappear

Israeli Prime Minister Benjamin Netanyahu says bitcoin is coming and banks are doomed to disappear. MIT Sloan School of Management graduate and former Boston Consulting Group said cryptocurrency will take place and banks will disappear as the rapid technological innovation that will replace the bank's role.

The Israeli PM claims traditional bank operations will eventually become obsolete and will be replaced by bitcoins where blockchain technology will continue to grow. In a video Netanyahu states confidently the bank will eventually be out of date, though when it needs to be seen.

Tinuku Israeli PM Cryptocurrency comes and banks doomed disappear

"Is the fate of the banks finally going to disappear? The answer is yes," Netanyahu said.

The head of state said banks were created for the money spent and benefited from those controls from people who transacted. But cryptocurrency allows people to transact directly, decentralized and technology ensures transactions between people are legitimate and secure.

Israel has long had bitcoins and long lines of people waiting at bitcoin ATMs in Tel Aviv. The local cryptocurrency startup, Colu, has raised a US$14.5 million funding led by IDB Development Corporation. The Israeli regulator also plans to announce the ICO framework by the end of this month.