The Bank of Israel does not want private companies taking over the digital payments system in the country.
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Category: digital shekel
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BIS Releases Report On ‘Project Icebreaker’ — Develops Cross-Border Retail CBDC Payment Model
The Bank for International Settlements (BIS) has released a report summarizing the “Project Icebreaker” trial, which explored the potential advantages and difficulties of utilizing a retail central bank digital currency (CBDC) in cross-border payments. The experiment was designed to test “the technical feasibility of conducting cross-border – cross-currency transactions between different [distrubuted ledger technology]-based CBDC […]Powered by WPeMatico
Public Consultations Reveal Positive Interest in Bank of Israel’s Digital Shekel
A survey carried out by the central bank of Israel has returned mostly positive responses from stakeholders regarding the possible issuance of a digital shekel currency. Many of the participants in the public consultations support the continued development of the project, the regulator said. Bank of Israel Releases Results From Consultations on Digital Shekel Project […]Powered by WPeMatico
Bank of Israel: Adoption of CBDC Will Not Materially Affect the Banking System
Israel’s central bank says the public’s adoption of the digital shekel is not expected “to materially affect the banking system.” The bank, however, warns that any issuance of such digital currency will likely result in a decline of the volume of the public’s deposits. Increase in the Banking System’s Interest Expenses Israel’s central bank, the […]Powered by WPeMatico
Bank of Israel deputy governor confirms digital shekel pilot is underway
Despite the pilot, the central bank’s deputy governor said he was apprehensive about launching a full-scale CBDC in Israel, and referred to Bitcoin as a “pyramid scam.”
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Bank of Israel Drafts Model of a Digital Shekel
The central bank of Israel has offered a glance at what a digitalized version of the national fiat currency may look like. According to a released “draft model” of the coin, Israelis should be able to use the digital shekel in payments, even offline, and convert it to cash at any moment. The Israeli central […]Powered by WPeMatico
Israel Weighs “Digital Shekel,” Its Own National Cryptocurrency
Israeli officials are debating whether or not to create their own cryptocurrency, joining a growing list of governments that have proposed their own state-sponsored digital currencies in 2017. Israel Debates the Merits of Crypto The Israeli government may create its own “digital shekel,” according to sources close to Israel’s Finance Ministry. The discussions are part of an effort to curb the black market activity that comprises 22% of Israel’s GDP. Officials hope the digital shekel would reduce the use of cash in the economy, a payment option to which Israel’s underground has taken a liking in order to avoid taxes. Such evasion causes IsraelPowered by WPeMatico