Block Insider
  • News
  • Market Analysis
  • InsightsSoon
  • EnglishEnglish
    • PortuguêsPortuguês
  • Login
No Result
View All Result
Saturday, June 25, 2022
ADVERTISE
SUBSCRIBE
  • News
  • Market Analysis
  • InsightsSoon
No Result
View All Result
Block Insider
No Result
View All Result
Home News

The Bank of Israel Confirms it Will Develop Digital Shekel

Nicholas Say by Nicholas Say
June 26, 2021
Reading Time:2 mins read
TelegramTwitterRedditWhatsapp

According to a report from the Jerusalem Post, Andrew Abir, a Bank of Israel deputy governor, confirmed the launch of an Israeli central bank digital currency, or CBDC, via a pilot test of the digital shekel.

RELATED POSTS

Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency

Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine

Colorado Decides to Accept Cryptocurrency for Tax and Government Payments

Speaking at the Fair Value Forum by IDC Herzliya, the deputy governor admitted a pilot program for a digital shekel had been started.

Last month, the central bank told the media there was a plan to do this, and the bank was preparing to explore the benefits of a CBDC on the Israeli economy.

It also commented that it should develop a CBDC as the benefits “outweigh the costs and potential risks.”

The New Digital Shekel is in Pilot Test Phase

According to the central bank, a CBDC may be issued if it meets the needs of a future digital economy and provides more efficient cross-border payments.

By using a CBDC, the financial institution also hopes it could help to reduce the use of cash and ensure the public can make payments with “a certain level of privacy.”

Advertise
ADVERTISEMENT

Israel’s central bank started to explore the introduction of a CBDC four years ago by establishing an interdepartmental group tasked with exploring the subject.

In the past, the team stated, “no advanced economy has yet issued digital currency for broad use,” in recommending against the Bank of Israel issuing a digital currency.

Concerns Surround Launching a Full-Scale CBDC in Israel

Despite the deputy governor confirming a pilot test was underway, he was still apprehensive about the bank issuing a central bank digital currency.

In addition, he commented that he doesn’t see Bitcoin as a means of payment,

“What we are talking about is a payment system. Bitcoin is not a payment system, and it is not a currency. In the best situation, it is a financial asset, and in the worst case, it is a pyramid scam.”

Of course, this isn’t true. While Bitcoin is prohibited in some nations, it is commonly used as a means of payment.

ShareTweetShareSend
Nicholas Say

Nicholas Say

Nicholas Say is a writer, visual artist, and lover of thought. He has written extensively on cryptocurrencies (Blockonomi, Coinjournal), and sees them as a way for people to come together globally.

Related Posts

Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency
News

Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency

March 10, 2022
Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine
News

Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine

March 2, 2022
ByTask Force Pushes Biden Administration to Tighten Cryptocurrency Regulation
News

Colorado Decides to Accept Cryptocurrency for Tax and Government Payments

February 24, 2022
News

Buffett’s Company Invests in Crypto-Focused Bank while MasterCard will Offer Crypto & NFT Services

February 18, 2022
News

New Crypto Coalition Stepped in Amidst a Dramatic Tuesday Comeback of Crypto Pricings

February 11, 2022
Facebook Decides to Retreat from Its Banishment on Cryptocurrency Advertisements
News

Facebook’s Dream of Its Global Cryptocurrency Comes to an Official End

February 3, 2022
Next Post

Binance Gains Market Share in Venezuela for International Transfers

Ethereum, Dogecoin, Stellar, Litecoin Analysis – 23 June

Ethereum, Dogecoin, Stellar, Litecoin Analysis – 23 June

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Bubba Gump Shrimp Seafood Restaurants Will Accept Bitcoin

Bitcoin Reaches $50,000 over Bank of America’s Positive Note on Tuesday

October 6, 2021
Cardano, Ethereum Classic, Price analysis – 13 August

Cardano, Ethereum Classic, Price analysis – 13 August

August 13, 2021
Ripple and Bitcoin Cash, Price Analysis – 02 September

Ripple and Bitcoin Cash, Price Analysis – 02 September

September 2, 2021

Popular Stories

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
Block Insider

A financial portal covering Blockchain News, Crypto Insights and Market Analysis.

Recent Posts

  • Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency
  • Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine
  • Colorado Decides to Accept Cryptocurrency for Tax and Government Payments

Categories

  • Market Analysis
  • News
  • Press Release

© 2022 Block Insider

No Result
View All Result
  • News
  • Market Analysis
  • EnglishEnglish
  • PortuguêsPortuguês

© 2022 Block Insider

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?