The Bank of Israel will accelerate its research on the possible issue of a central bank's digital currency, or CBDC.</p>
In the statement Central Bank Bank of Israel announced thatAn action plan is being prepared to study the advantages of the digital shekel for the economy. And while the decision to issue a digital currency of the central bank has not yet been accepted, the bank is ready to do it, if the benefit "outweighs the costs and the potential".
In addition, CBDC's satisfaction is expectedthe need for the future digital economy, as well as the provision of more efficient transfer payments. In addition, the Bank of Israel wants to reduce the use of cash and make it possible to make payments with a "certain level".
Central Bank of Israel is viewed to CBDC with2017, when an international group was created to study this issue. In 2018, the team of the researcher recommended that the Bank of Israel did not issue a digital currency, stating that “none of the developed economics has yet released the digital currency for production.
Nowadays China is practically ready to startdigital yuan, tested it in all major cities across the country. Currently Bahama is the first country to release its own CBDC Sand Dollar. This was published in October 2020.</p></p>