Bitcoin
$47,161.43-2.21%
Ethereum
$3,315.41-3.13%
XRP
$1.04-3.26%
Cardano
$2.27-3.88%
Polkadot
$33.34-3.59%
Stellar
$0.311213-3.19%
Dogecoin
$0.231584-3.61%
Chainlink
$27.10-4.09%
Uniswap
$23.74-3.04%
Polygon
$1.31-4.40%
Litecoin
$173.82-3.89%
Cosmos
$43.17+8.78%
Bitcoin Cash
$605.48-3.68%
Algorand
$1.95-7.15%
Wrapped Bitcoin
$47,101.63-2.37%
Filecoin
$82.91-1.34%
The Graph
$0.802144-3.58%
Tron
$0.102902-2.53%
Ethereum Classic
$54.99-3.43%
Tezos
$6.43-0.48%
Aave
$336.78-5.02%
NEO
$47.50-3.59%
EOS
$4.88-10.28%
Monero
$259.02-4.78%
IOTA
$1.52-8.16%
BitTorrent
$0.003808-3.14%
Bitcoin SV
$154.84-1.84%
Maker
$2,748.59-3.01%
Waves
$27.06-6.57%
Dash
$191.17-3.93%
Decred
$138.93-2.25%
Decentraland
$0.792048-2.91%
ICON
$1.76-7.85%
NEM
$0.176738-3.68%
Zcash
$132.13-4.81%
OmiseGO
$9.40+7.78%
NuCypher
$0.323950-2.40%
Qtum
$12.02-3.96%
Bitcoin Gold
$63.80-3.46%
Yearn Finance
$32,736.77-3.17%
Basic Attention Token
$0.732252-2.50%
Paxos Standard
$0.999252-0.63%
0x
$1.05-5.09%
Bancor
$3.93-3.25%
Band Protocol
$8.81-4.73%
Ren
$0.878267-7.80%
Fetch.ai
$0.759726-9.44%
Siacoin
$0.017772-6.07%
Kava.io
$5.92-4.96%
Nano
$5.45-1.99%
Loopring
$0.445433-3.19%
Storj
$1.32-4.62%
Lisk
$3.59+0.15%
Civic
$0.496885-6.30%
Numeraire
$44.68-3.05%
Orchid
$0.366097-2.48%
PAX Gold
$1,762.88-0.23%
Augur
$25.61-3.07%
Aragon
$5.90-5.32%
Enzyme
$118.10-2.90%
district0x
$0.174076-0.98%
Kyber Network
$1.72-4.79%
SingularDTV
$0.001453-1.87%
Tether
$1.00-0.02%
USD Coin
$1.00-0.02%
Dai
$1.00+0.02%

Israel’s Central Bank Considers Issuing a Digital Shekel

The central bank is to focus more effort on CBDCs as a potential benefit to payments and the digital economy.

May 11, 2021 at 3:15 p.m. UTC
Updated Sep 14, 2021 at 12:53 p.m. UTC

The Bank of Israel is accelerating its research into central bank digital currencies (CBDCs) and making preparations in case it decides to issue a digital shekel.

  • The bank is readying an action plan so it will be prepared should the benefits of issuing a national digital currency outweigh the costs and potential risks, the central bank said Tuesday.
  • It believes a CBDC would allow a payment system that could adapt to a digital economy, as well as create an efficient and inexpensive infrastructure for cross-border payments.
  • The central bank further called for comments on its draft model, which it said does not represent any decision regarding the currency's characteristics, but is merely the basis for a discussion.
  • The Bank of Israel has been discussing a CBDC since 2017.
  • Elsewhere, Sweden's Riksbank and the European Central Bank are actively researching and developing their own digital currencies in preparation for expected launches in the next four to five years.
  • The U.S. Federal Reserve is taking a more cautious approach and carrying out experiments with no firm commitment to date.
  • Then there's China, which is reportedly close to the launch of its digital yuan and is already testing the CBDC with commercial institutions and the public. 

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...