By Steven Scheer JERUSALEM (Reuters) - Israel's central bank is pushing forward with plans to issue a digital shekel, citing the need to improve the ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Steven Scheer
In November 2021, the Bank of Israel stepped up its research and preparation for the possible issuance of a digital shekel to create a more efficient payments system after first considering issuing a central bank digital currency in late 2017. "Either way, we remain committed to be at the frontier, and more than that, to support the effort of pushing the frontier, in our CBDC explorations, as well as in our efforts to modernize and advance our payment systems ... and the financial system in general."
Yaron said that given a rapid digitalisation of the economy, working on a CBDC makes sense and noted that Israel has closed the gap with other countries, while stressing that if Israel opts for one"it will provide at least as much privacy as digital means of payments" and maybe even a higher level.
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