Bank of Israel launches digital shekel payment pilot service
Israel is developing a central bank digital currency (CBDC), the digital shekel. We aim to innovate the payment system.
Bank of Israel (BoI) We have started a project to develop a digital payment infrastructure centered on the digital shekel. Through partnerships with various service providers
this project Inspired by “Project Rosalind” The Bank for International Settlements (BIS) Innovation Hub and the Bank of England are jointly focused on building prototypes for application programming interfaces.
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In this experiment, participants Sandbox environment with application programming interface (API) provided Developing real-time CBDC payment solutions for the public.
The process includes: Three steps: This includes submitting an application and presentation, granting network access to selected projects, and evaluating the final presentation by a panel of judges.
BoI’s translated explanation emphasizes:
Priority is given to enabling unique and innovative features in the world of payments, whether they are improvements to existing applications or completely new ones. Uses can meet the unique needs of specific populations, meet the needs of specific economic sectors, or support innovative applications that serve a variety of scenarios.
Shauli Rejwan, managing partner at Masterkey Venture Capital in Tel Aviv, explained the plan: Encourage collaboration between Web3 industry and government sectors.
BoI Deputy Governor Andrew Abir said: Competition from CBDCs could be good for the economy. This could potentially lead banks to offer higher interest rates. Abir is confident that the digital shekel will find public support. Unlike cryptocurrencies created by anonymous developers, we focus on transparency and accountability in the development process.
Overall, this plan demonstrates Israel’s goal to transform digital payments in the country and build a secure and efficient CBDC ecosystem.
Meanwhile, in the United States, the CBDC Surveillance Prevention Act, which bans the issuance of CBDC by the Federal Reserve, passed the House of Representatives.
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