Date: 2 weeks ago   Category: Economy

Israel has made the decision on release of the state cryptocurrency


Israel has made the decision on release of the state cryptocurrency
The bank of Israel has published results of the research aimed at studying of a possibility of release of the cryptocurrency equivalent to national currency - to shekel. The main bank of the country has published the report on the website. Authors of the report recommend

that the central bank of Israel didn't release digital currency (CBDC) in the near future since she was recognized as unsuitable in several regions of Israel.

have begun to discuss the Possibility of release of digital shekel in Israel in December, 2017. And in August representatives of the Ministry of Finance said that by means of national cryptocurrency the number of cash operations in the country will be possible to reduce and also to stop evasion of taxes and money laundering. "The team doesn't recommend

that the Bank of Israel released digital currency in the near future. It is necessary to continue studying of this area and to follow the developments around the world before the appropriate bases for making decision on release of digital currency appear", - it is said in the report.

according to the Israeli analysts in spite of the fact that a number of the central banks studies a possibility of release of the state cryptocurrencies or introduction of DLT in payment service providers, any central bank worldwide in one of the leading economies of the world still hasn't released the state cryptocurrency for the general use. It is supported with the fact that Venezuela is the only country in the world which realizes the national program of the state cryptocurrencies which for the last year was exposed to criticism more than once.

Researchers have specified that the release of the state cryptocurrencies can result in certain risks and difficulties which can have potentially great influence on the Israeli financial system, Bank of Israel and the system of payments in the country. Until these risks are completely studied, the research group will continue to study potential influence of digital shekel and to watch tendencies of the state cryptocurrencies around the world to have an opportunity to recommend change of the status quo if when it is applicable.

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