Bank of Israel claims 'public support' for its CBDC project
Stakeholders believe that the digital shekel would boost competition, but remain divided on the matter of privacy. Despite the fact that it still hasn't made a final decision on the launch of the “digital shekel,” Israel’s central bank reported that the public feedback on the project is mainly positive.According to Reuters, on Monday, The Bank of Israel summarized the results of the public consultation on its central bank digital currency (CBDC) plans. It has received 33 responses from different sectors, with half of them coming from abroad and 17 from the domestic fintech community. While....
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CBDC, or central bank digital currency, will be the main focus of three major financial and lending institutions to validate the feasibility of new digital currency system, the Bank of Israel said on Friday. Upon its launch in the third quarter of this year, the joint CBDC project by the Bank of Israel, Hong Kong […]
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....
A survey carried out by the central bank of Israel has returned mostly positive responses from stakeholders regarding the possible issuance of a digital shekel currency. Many of the participants in the public consultations support the continued development of the project, the regulator said. Bank of Israel Releases Results From Consultations on Digital Shekel Project Israel’s monetary authority has recently published a paper detailing the outcome of public consultations held to gather opinions from interested parties on its central bank digital currency (CBDC) project. The regulator....
The Bank of Israel has experimented with using Ethereum and nonfungible tokens for a pilot as part of its ongoing digital shekel research, a local report claims. Israel's central bank has allegedly completed a pilot — under the radar — for a central bank digital currency (CBDC) using Ethereum's technology. The claim was made by the Israeli financial news site Globes and later reported by BNN Bloomberg.Globes' sources for its claims are not disclosed: the report alleged that the Bank of Israel (BOI) completed its pilot in an experimental, closed environment based on Ethereum's architecture,....
Israel’s central bank says the public’s adoption of the digital shekel is not expected “to materially affect the banking system.” The bank, however, warns that any issuance of such digital currency will likely result in a decline of the volume of the public’s deposits.
Increase in the Banking System’s Interest Expenses
Israel’s central bank, the Bank of Israel (BOI), has said its analysis of the proposed digital shekel’s possible impact on banking stability showed that the expected effect is not as significant as....