Today the Bank of Israel unveiled its Digital Shekel Challenge. This follows the announcement of a central bank digital currency (CBDC) sandbox last month. The central bank is inviting participants from Israel and abroad to participate in developing innovative use cases. Inspired by the BIS and Bank of England’s Project Rosalind, the Challenge will focus on connecting to the CBDC system using APIs. The closing date for applications is July 11.
The central bank has suggested a variety of use cases, including split payments, micropayments, various types of conditional payments and sub wallets.
Contestants will be whittled down based on several criteria. The top two criteria are the innovative nature of the use case and its compatibility with Israel’s economic needs. The third is the extent to which it meets the outlined objectives of the digital shekel.
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