Bank of Israel Has Already Tested a Digital Shekel

The official said he is not optimistic about an Israeli CBDC being launched.

AccessTimeIconJun 21, 2021 at 3:05 p.m. UTC
Updated Sep 14, 2021 at 1:14 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Bank of Israel has already carried out a pilot test on a central bank digital currency (CBDC), Deputy Governor Andrew Abir revealed.

  • Abir revealed the news at a conference of the Fair Value Forum of IDC Herzliya, The Jerusalem Post reported Monday.
  • After being asked if the Bank of Israel had already run a pilot on a digital shekel, Abir answered that it had.
  • Abir noted he is not particularly optimistic about an Israeli CBDC actually being launched, however.
  • He had previously said the chance of one being launched within five years was 20%. "My estimate has increased a bit in the last year, mainly because other countries are advancing with it, too, but still there is less than [a] 50% chance."
  • No formal announcement has been made by the Bank of Israel on the subject since early May, when it said it was preparing an action plan for the issuance of a digital shekel as part of an overall acceleration of its research into the subject.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.