The Bank of Israel has accelerated the CBDC development

The country is working on the study and implementation of the digital shekel

30.11.2021 - 07:15

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What’s new? The Bank of Israel Governor Amir Yaron has said that the study and preparation are underway for the possible launch of a digital currency. But a final decision on its launching has not been made yet, Reuters reports.

The Reuters material

What are the predictions? Andrew Abir, the Deputy Governor of the Central Bank of Israel, noted that no official decisions have been taken on the introduction of CBDC, but the digital currency has long been in development. He added:

“I had previously assumed that the chance of having a CBDC within five years is 20%. My estimate has increased a bit in the last year, mainly because other countries are moving in this direction too. But still, there is less than a 50% chance.”

What do the citizens say? The downside of the digital shekel is still the attitude of the citizens towards its implementation. Part of the public is still wary of the withdrawal of cash and the transition to digital currency. They are concerned about the confidentiality of the CBDC transactions.

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