Crypto newsCryptocurrencyNewsIsraeli Digital Shekel to be based on Ethereum

Israel is exploring to Design Digital Shekel Based on Ethereum

round gold colored ethereum ornament
Photo by David McBee on

Many leading nations are racing for developing digitalize version of their national currencies and recently Israel has stepped in and is at initial stages of issuance a pilot for issuing Central Bank Digital Currency (CBDC).

According the Globes the Central Bank of Israel exploring the Ethrium Blockchain Network for developing it digitize version of Shakal.
“We did a trial with Ethereum technology, not because we think that that’s necessarily the technology we’ll use, but because it was a technology that was available for us to get our hands dirty with, in order to understand its advantages and disadvantages,” said Yoav Soffer, CBDC project manager at the Bank of Israel, following the report by “Globes” of the trial that the bank was carrying out. Soffer made his remarks at the central bank’s digital currency conference – Innovation, Opportunities and Challenges – held last week. Many prominent countries including Japan, France, Sweden, and China, are working for years on developing a digitalized version of their state currency and actively examining the other possibilities. However, no country has a digital currency issued by its central bank so far.

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