Bank of Israel Has Already Tested a Digital Shekel

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

Jun 21, 2021 at 3:05 p.m. UTC
Updated Sep 14, 2021 at 1:14 p.m. UTC

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.
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