Israel is Not in the Hurry to Launch a CBDC
The Deputy Governor of the Bank of Israel, Andrew Abir, has promised that all transactions with the token would be safe and transparent; however, the Israeli Central Bank has made no decision to create a digital version of the national currency yet.
Earlier this week, the CBDC research division of the Central Bank presented scenarios for creating a digital shekel and integrating it into the state’s banking system, but the authorities remain unconvinced that widespread introduction of CBDC is necessary.
The regulator believes that the current financial system is able to meet all the basic needs of the population and business, and therefore the transformation process should be gradual in order to minimize all potential risks.
Testing of the digital shekel began in June 2021, but the Central Bank of Israel will not be rushed into integrating the digital currency into the state’s payment infrastructure.
