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Israel's Central Bank Outlines Scenarios for Issuing a Digital Shekel
The bank hasn't decided yet whether to issue a central bank digital currency.
By Amitoj Singh
Updated Apr 18, 2023, 3:47 p.m. Published Apr 18, 2023, 8:13 a.m.
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Israel's central bank is monitoring scenarios – including whether stablecoins are widely used – that it says could influence whether it will issue a digital shekel (SHAKED).
The Bank of Israel's steering committee on the potential issuance of a digital shekel made clear in a Monday report that it hasn't decided whether to issue a central bank digital currency, or CBDC.
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The 21-page paper noted that although 90% of the world's central banks are examining CBDCs, only a small number have issued one.
Earlier, the central banks of Israel, Norway and Sweden teamed up with the Bank for International Settlements to complete a study of how CBDCs can be used for international retail and remittance payments.
The Bank of Israel will see if the U.S. or the European Union issues a CBDC and will consider a decline in the use of cash, the use of stablecoins, competition in the domestic payment system and technological developments in payments systems.
"The Bank of Israel must be prepared to advance the issuance of a digital shekel, if the variables listed above support it," the announcement said.
Read More: Israel's Central Bank Proposes Rules for Stablecoins Including 100% Reserve Requirement
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