Bank Of Israel Bypasses Bitcoin With Plans For Digital Shekel
2020 brought Bitcoin and other cryptocurrencies to the forefront of finance. Corporations have been buying, hedge funds are swapping gold for BTC, and banks and brands have taken a “can’t beat ’em, join ’em” stance against the emerging asset class. However, according to The Bank of Israel’s plan, the central bank will increase efforts around […]
Related News
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 bank digital currency (CBDC) will provide some privacy, but not anonymity. This Is What the Digital Shekel Should Look Like The Bank of Israel is getting ready to jump on the CBDC bandwagon with a plan to issue a digital currency of its own, after examining the issue for....
The bank has been exploring the introduction of a CBDC since 2017. The Bank of Israel is accelerating its research for the potential issuance of a central bank digital currency.In a statement from the central bank today, the Bank of Israel said it was preparing an action plan to explore the benefits of a digital shekel on the economy. Though the bank said it had not yet decided whether to issue a central bank digital currency, or CBDC, it added it would be prepared to do so should the benefits “outweigh the costs and potential risks.”The central bank said it may consider issuing a CBDC if....
The Bank of Israel (BoI) and the Israeli Ministry of Finance have issued a joint statement calling on the public to exercise caution with regard to digital currencies. The warning falls in line with what we've heard from regulators across the world over the past few months. The Bank of Israel and the ministry stress that digital currencies are not legal tender, nor are they issued or backed by a central bank, which means there is not legal requirement for anyone to accept or exchange them. The joint statement was issued following a meeting convened by the Governor of the Bank of Israel,....
Over the past two months numerous regulators have issued warnings against the use of digital currencies, and some have even taken concrete steps to halt trading, most notably China and India. Israel, however, appears to be taking a different approach. Israeli regulators are not ignoring digital currencies, they are simply waiting to see what the rest of the world does about them. Certain Israeli financial institutions are engaged in bitcoin transactions, and they would like to see clear guidance from regulators. However, the Bank of Israel, the Israel Securities Authority and government....
In a joint statement released Wednesday by the Bank of Israel and the Israeli Ministry of Finance, the institutions warned the public of the risks surround decentralized digital currencies the likes of bitcoin. The public advisory follows a slew of other warnings dished out by a number of central banks around the world. The warnings are essentially the same we've seen in similar announcements, with the institutions warning that digital currency is not legal tender, not issued by the Israeli central bank, and certainly not backed by the central bank. As such, there is not obligation or....