Digital Shekel: Israel's CBDC project on the way

Israel is the latest country to admit that it has been working on a central bank digital currency for several years. Speaking at a conference at the Fair Value Forum, Bank of Israel Vice President Andrew Abir said the institution he represents is running a pilot program for digital shekels. Moreover, he confirmed that the Israeli CBDC already exists. Related literature | China's central bank is ordering institutions to block crypto transactions, but Abir doesn't believe his digital crescents will come to light any time soon. “I had previously estimated the chance of having a CBDC within five years was 20%,” Abir said, quoting the Jerusalem Post. “My estimation went up a bit last year because other countries are getting along as well. But there is still less than a 50% chance.” These other countries include China, the UK, Japan, Brazil, and Nigeria. Bitcoinist asked about Nigeria yesterday: Rakiya Mohammed, CBN information technology director, echoed what many other countries have mentioned in the past. Nigeria will not be left behind in the technological revolution. "We are all aware that about 80% of the world's central banks are exploring the possibility of issuing central bank digital currencies and that Nigeria cannot be left behind." While all these countries openly discuss a national digital currency, Abir's next five years In Can we believe the predictions of the improbability of Israel's CBDC?Prospects for the digital shekel and other CBDCs Since they have already discussed Israel's CBDC, Andrew Abir had the opportunity to talk about other aspects of the digital shekel project. "I'm sorry to tell you, but that won't save the banks," he said. I. “No central bank will introduce a digital currency for this purpose. Banks will still play an important role in the entire payment system. since it seems

Join the Discussion

  • BrokerEUR/USD
    LCG 0.3pips (variable) margin: 3.33%
    IG 0.6pips (fixed) margin: 3.33%
  • Back to top