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Israel's Central Bank announced the continuation of work with CBDC. Today, its representatives published a document on CBDC to further discuss the issue with the country's financial structures and provide feedback on the digital shekel.
The first news about the study by the Bank of Israel of the digital shekel idea and the mechanisms of its work appeared in 2017. Then a special department consisting of a group of specialists was formed to work out the plan for the national token. Since then, the project "stalled" and almost did not appear in the news reports. However, now the country's main financial authority claims that it is still interested in the digital national coin. The bank aims to examine which profits the innovative currency can bring to Israeli economics. The agency claims that it will create its own CBDC if the profits from it satisfy the costs and possible risks associated with the development of the project.
The central bank's leadership noted that CBDC should answer the requirements of a future digital market project, making cross-border payments safer and more effective. In addition, one of the main goals of the department is to decrease the use of cash by citizens, providing them a worthy alternative with a high level of confidentiality. It is assumed that people will be able to convert their stablecoins to other CBDCs, and the bank itself intends to set a certain limit for the amounts that will be stored in wallets.
Obviously, the Israeli authorities do not want to lag behind their “colleagues” testing their own stablecoins with might and main, and soon we will observe how the digital shekel joins the digital yuan, dollar, yen, and other CBDCs.