Max Credit Cards signs agreement with Bits of Gold

The card will allow users to accumulate eligibility for cashback in Bitcoin depending on their spending with the card. Upon ordering the card, a dedicated account will be opened for the customer by Bits of Gold. The cashback amount accumulated in NIS will be transferred, and Bits of Gold will automatically convert it to Bitcoin.

Also, Bits of Gold, regulated under the Israeli Capital Market Authority, has reached agreements with the Tax Authority to ease some of the bureaucratic burdens on Israelis interested in buying and selling digital currencies. The deal focuses on tax deduction from sellers of digital currencies in a ‘closed circuit’ (directly to Bits of Gold, without accepting or passing on to others). It stipulates that the company itself will deduct the tax. This means that customers will be able to trade digital currencies without the need for independent reporting to the tax authority.

Bits of Gold will automatically open a dedicated account for every customer issuing the new credit card. Max will transfer ILS 1 to this account for every ILS 160 spent with the card (subject to terms of use), and these funds will be converted to Bitcoin. Holding the Bitcoin account will not incur additional costs to the credit card user.

Max customers will be able to track their Bitcoin balance in the Max app and log in from there with a single click to their dedicated Bits of Gold account. There, MaxBack Crypto cardholders will be able to use their card to buy Bitcoin and Ethereum, followed by other currencies, at a 6% discount off the purchase fees while accruing eligibility for additional Bitcoin cashback for these purchases.