The Bank of Israel has published a preliminary digital shekel design, emphasizing its accessibility and universality.
Digital Shekel Project
The Bank of Israel has released the preliminary design of the digital shekel, highlighting that its implementation will depend on discussions with the government and stakeholders. The central bank explained that the digital shekel is intended to be accessible to all and will have the status of a means of payment.
Benefits and Features of the Digital Shekel
It is expected that the use of the digital shekel will allow businesses to reduce transaction costs compared to existing options. It promises high transaction speed and support for offline payments. Special attention is given to privacy: the level of privacy will be higher than existing digital payments, with the possibility of anonymous operations in limited amounts.
Next Steps and Decision on Launch
The Bank of Israel emphasized that a final decision on issuing the digital shekel has not yet been made. Future actions will depend on whether the benefits of the digital currency outweigh its costs and risks. The Bank of Israel began exploring the possibility of launching a digital shekel in 2017, examining global trends and their impact on monetary policy.
While Israel's digital shekel is still in the development stage, its launch depends on collaboration with lawmakers and an analysis of potential benefits.
