Digital Shekel In The Works As Bank of Israel Preps ‘Action Plan’

This article was first published by The Times of Israel and is re-posted with permission.

The Bank of Israel said Tuesday it was preparing an “action plan” for the issuance of a digital shekel, if conditions develop in the future that lead the central bank to believe that the benefits of such a currency outweigh the costs and potential risks.

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As digitalization in the global financial system develops rapidly, the Bank of Israel is beginning preparations for an eventual launch of the currency, with a plan ready to be put into action, if the right conditions arise, the report said. The central bank emphasized that in line with many other central banks, “the Bank of Israel has not yet decided whether it intends to issue a digital currency.”

The central bank also emphasized that it will continue issuing cash in the form of banknotes and coins, “as long as there is a demand for such on the part of the public, and as long as the Bank believes that it is necessary” to support the payment system in Israel

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