Digital shekel coming? The Bank of Israel completed an experiment with CBDC, consisting of a car sale passing KYC/AML checks successfully.
On Monday, the Bank of Israel released the results of a lab experiment that examined user privacy and the use of smart contracts in payments. This was the central bank’s first technological experiment with a central bank digital currency .the sale of a car within a two-tier system with an intermediary payment service provider. The bank said that the service provider completed Know Your Customer /Anti-Money Laundering checks and provided the necessary blockchain addresses.
The experiment drew attention to two questions. The first was the amount of money held in digital form. To avoid bank disintermediation — massive withdrawal of traditional shekels and their conversion to digital form, a daily limit was suggested that could be written into the smart contract. The second question concerned the smart contract, itself.
The first stage of the experiment also highlighted the need to establish identity so that KYC/AML could be conducted through a centralized database. In the second stage, private digital shekels and ordinary digital shekels were
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Central bank digital currencies poised to be the foundation of the financial system, BIS saysCentral bank digital currencies poised to be the foundation of the financial system, BIS says — via financialpost Finance Cryptocurrency
Read more »
BIS compares projects to transfer central bank digital currencies across bordersThe Bank of International Settlements looked at projects to transfer of central bank digital currencies across borders and found them to be feasible, with more work to do.
Read more »
Israel coalition agrees to dissolve, hold new electionsJUST IN: Israeli Prime Minister Naftali Bennett's office announced that his weakened coalition will be disbanded and the country will head to new elections.
Read more »
Lapid to become acting prime minister as Israel heads to early electionsBREAKING: Israel's foreign minister Yair Lapid will become the new prime minister according to a rotation agreement after Lapid and current prime minister Naftali Bennett decided to hold a vote on dissolving the Knesset and call for an early election.
Read more »
As Israel investigates the killing of a Palestinian journalist, many doubt there will be justiceIsrael’s military says it is still investigating the killing of Shireen Abu Akleh, a veteran Palestinian American correspondent. But few Palestinians are holding their breath that they will see justice served.
Read more »