Digital shekel may be coming as Bank of Israel preps an ‘action plan’

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Title : Digital shekel may be coming as Bank of Israel preps an ‘action plan’
Link : Digital shekel may be coming as Bank of Israel preps an ‘action plan’

The Bank of Israel said Tuesday it was preparing an “action plan” for the issuance of a digital shekel, if conditions develop in the future that lead the central bank to believe that the benefits of such a currency outweigh the costs and potential risks.

As digitalization in the global financial system develops rapidly, the Bank of Israel is beginning preparations for an eventual launch of the currency, with a plan ready to be put into action, if the right conditions arise, the report said. The central bank emphasized that in line with many other central banks, “the Bank of Israel has not yet decided whether it intends to issue a digital currency.”

The central bank also emphasized that it will continue issuing cash in the form of banknotes and coins, “as long as there is a demand for such on the part of the public, and as long as the Bank believes that it is necessary” to support the payment system in Israel.

For the purpose of preparing the ground, a steering committee appointed by the central bank’ s governor, Amir Yaron, has set out, in general terms only, a draft model for a potential Bank of Israel digital currency.

This model will now be the basis for a discussion by players in the payments, finance and technology sectors, in academia and in relevant government agencies and organizations, the central bank said in a statement. READ MORE