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Public Consultation Reveals Positive Interest in the Bank of Israel’s Digital Shekel – Bitcoin Finance News


A survey conducted by the Central Bank of Israel showed mostly positive responses from stakeholders regarding the possible issuance of the digital currency shekel. The regulator said that many participants in the public consultation support the continued development of the project.

The Bank of Israel releases the results of the consultations on the Digital Shekel project

The Monetary Authority of Israel recently published A paper detailing the results of the public consultations that were conducted to gather the views of interested parties on the Central Bank’s digital currency (CBDC) project. The regulator announced that it had received 33 responses, half from abroad and the rest from the country’s fintech community.

Most respondents were supportive of the plan to issue a digital shekel, citing certain advantages such as the opportunity to encourage competition in the payments market. Then, the new digital currency infrastructure could spur innovation in the Israeli payments system, which critics say is now highly centralized and features high entry barriers.

Many participants believe that promoting financial inclusion, something the Digital Shekel Steering Committee considers an added advantage, should be the main impetus for issuing a CBDC. Some have also suggested that developing the fintech industry and cutting costs in the monetary system should also be among the priorities.

The issue of privacy divided respondents, between those who insist that the digital shekel should have cash-like features that provide complete anonymity and others who support some level of transaction confidentiality while maintaining anti-money laundering rules so that unreported “black” is combated . The economy is not hindered.

A number of participants also suggested additional use cases for the digital shekel such as transferring government payments, including through tokens that would enable payments for specific purposes. Providing food and healthcare are two areas where foundations and NGOs can employ CBDCs for custom transfers.

The Bank of Israel announced that it was considering launching its own digital currency at the end of 2017. The project was suspended the following year but then resumed work in the spring of 2021, when the regulator drafted a CBD model, with most responses now favoring the employment of ledger technology Distributor Professor. The Bank of Israel has not made a final decision on the digital shekel, but said in March that it did not see the currency as a threat to the country’s banking system.

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Bank of Israel, CBDC, Central Bank, Competition, Consulting, Crypto, Cryptocurrency, Cryptocurrency, Digital Currency, Digital Shekel, Israel, Israel, Paper, Payments, Payments Market, Privacy, Public Consulting, Responders, Responses, Survey

Do you expect Israel to eventually issue a digital version of the national official currency? Tell us in the comments section below.

Lubomir Tasev

Lubomir Tasev is an Eastern European technologist who likes to quote Hitchens: “Being a writer is what I am, not what I do.” Besides crypto, blockchain, and fintech, international politics and economics are other sources of inspiration.

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