A year ago, the Bank of Israel published a paper on the draft model for a potential Digital Shekel intended as a basis for discussion and feedback about central bank digital currency (CBDC). Today it shared the results, which found that respondents were supportive of moving forward with research but had a different emphasis on what the motivations might be.
Many were keen to use blockchain as a foundation. However, in June last year, the Bank estimated that the chances of issuing a CBDC were less than 50%. However, that was up from a one in five likelihood in 2020.
Thirty-three groups responded to the consultation, of which half were outside Israel, and most were fintechs. The central Bank acknowledges that the responses “are not a representative sample of all interested parties in the matter.” Most were keen to work with the Bank on the research and potentially help build the system.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
