Israel Inches Closer to Launching Its Central Bank Digital Currency, the Digital Shekel

IconCryptoNewsTerminal Staff29 May, 2024

cryptonews.jpg

Israel Inches Closer to Launching Its Central Bank Digital Currency, the Digital Shekel

The Bank of Israel (BOI) has announced its plans to accelerate the development of its central bank digital currency (CBDC), the digital shekel. The BOI's ambitious project aims to further explore the potential benefits and applications of CBDCs. As part of the initiative, the BOI will launch a "Digital Shekel Challenge," inviting innovative startups and established financial institutions to participate in the development and testing of the digital shekel. The challenge will feature a sandbox environment connected to the API (Application Programming Interface) layer, allowing participants to experiment with CBDC payments and explore various use cases. The BOI's decision to accelerate the development of the digital shekel reflects its commitment to exploring digital currency innovation and potentially transforming the financial landscape of Israel.

Related News