Israel Aims To Introduce Digital Shekel Experiment for Payment
There has been work input by the Bank of Isreal (BoI) to create its own Central Bank Digital Currency (CBDC), which has been nicknamed the Digital Shekel. As of the 28th of May 2024, BoI stated its objective of issuing the CBDC, by first analyzing Digital Shekel Challenge tests.
The Digital Shekel Challenge tests, have been announced by the Central Bank. And it is supported strongly by Rosalind program, which is a collaboration between the Bank of England, and the Bank of International Settlements (BIS), aimed at API advancement of digital currency.
There are 3 stages to this project, and they are: first stage, the applications stage. Stage 2, is the entrance of chosen programs to the network. And stage 3, which is that last stage; involves showing the applications to the judges.
Andrew Abir, who is the Deputy Governor at Bank of Israel stated his interest in digital shekel. And he emphasized that the CBDC would be created such that the Central bank will ensure that there's transparency; and nothing will be done anonymously.