The Bank of Israel has concluded a cross-border currency payment platform project together with other central banks as it evaluates the potential issuance of a digital shekel.
As part of the project dubbed Icebreaker, the Bank of Israel, together with the central banks of Norway and Sweden and the Bank for International Settlements (BIS) Innovation Hub, examined the potential benefits and challenges of using so-called retail central bank digital currencies (CBDC) in international payments to create a hub to interlink domestic systems across borders.
As digitalization in the global financial system develops rapidly, the Bank of Israel has over the past few years started preparations for an eventual launch of a digital currency, to have a plan ready if conditions develop that lead the central bank to believe that the benefits of such a currency outweigh the costs and potential risks.
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