The Bank of Israel presented a possible design for the Central Bank of Digital Central (CBDC) in the event of a decision to submit one in the future.
The Central Bank has described the proposed digital shekel (DS) as “multi -purpose CBDC”, to carry both the use of retail and wholesale, in A paper published on Tuesday.
The newspaper said: “DS will be a multi -purpose digital currency that meets all of the retail needs for the final users such as families and companies, as well as wholesale needs of financial entities.”
Consequently, the Bank of Israel will provide a digital equivalent of criticism with the upgrade of the current settlement system that financial institutions already use, adding “smart” jobs, such as the ability to compatible and programming.
The Central Bank also confirmed that no decision was taken whether the biological diversity agreement will be issued. Therefore, the design of the paper should be considered only the first design.
The central banks of all advanced economies around the world were at least exploring the possibility of CBDC for several years.
While their supporters argue that they are a financial inclusion tool and a means of Fiat currencies in the future in exchange for low cash use, They were also criticized By those who see it as a Trojan hole to enhance the state’s control over the use of money.
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