Crypto-Follow logo Crypto-Follow logo
Cryptoknowmics 2022-05-11 10:11:25

Israeli Central Bank Yet to Make Decision on CBDC

Despite widespread public support, Israel’s central bank has yet to determine whether to produce a digital counterpart of its fiat currency shekel. Israel’s central bank has yet to determine whether to create a digital counterpart of its fiat currency shekel, despite widespread support for the idea. Israeli central bank yet to make decision on pursuing CBDC despite public support https://t.co/mqxCQAZM3g — addictedtocrypto (@addicted2crypto) May 11, 2022 The Bank of Israel is Contemplating CBDC. The idea of producing digital shekels has been discussed since 2017, but the central bank only started looking into it in 2021 when it began examining its potential. The public feels that a digital shekel initiative will benefit the economy by eliminating the use of cash and boosting financial technology. The central bank got 33 replies to its public consultation on the plan, with 17 of them coming from fintech firms. The regulator said: All of the responses to the public consultation indicate support for continued research regarding the various implications on the payments market, financial and monetary stability, legal and technological issues, and more. The central bank also stated that there is disagreement among respondents on privacy, with some preferring complete anonymity. On the other hand, others believe it should be subject to anti-money laundering regulations. The bank added that it would continue to consult with stakeholder...

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer