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Usha Yadav
May 11, 2022
by Usha Yadav

Israeli Central Bank Yet to Make Decision on CBDC  

Israeli Central Bank

Table of contents

  1. The Bank of Israel is Contemplating CBDC.
Despite widespread public support, Israel's central bank has yet to determine whether to produce a digital counterpart of its fiat currency shekel. Israel's central bank has yet to determine whether to create a digital counterpart of its fiat currency shekel, despite widespread support for the idea.

The Bank of Israel is Contemplating CBDC.

The idea of producing digital shekels has been discussed since 2017, but the central bank only started looking into it in 2021 when it began examining its potential. The public feels that a digital shekel initiative will benefit the economy by eliminating the use of cash and boosting financial technology.

The central bank got 33 replies to its public consultation on the plan, with 17 of them coming from fintech firms.

The regulator said:

All of the responses to the public consultation indicate support for continued research regarding the various implications on the payments market, financial and monetary stability, legal and technological issues, and more.

The central bank also stated that there is disagreement among respondents on privacy, with some preferring complete anonymity. On the other hand, others believe it should be subject to anti-money laundering regulations. The bank added that it would continue to consult with stakeholders on the CBDC and that no decision on its implementation or launch has been taken.

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Israeli Central Bank Yet to Make Decision on CBDC  
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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