Israel's central bank is monitoring a list of scenarios – like the decline of cash usage – that could influence a future decision to issue a digital shekel. By amitoj
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.Israel's central bank is monitoring scenarios – including the widespread adoption of stablecoins – that it says could influence a decision to issue a digital shekel .
The Bank of Israel's steering committee on the potential issuance of a digital shekel made clear in a Monday21-page paper outlining the scenarios noted that although 90% of the world's central banks are examining CBDCs, only a small number have advanced to the point of issuance. Earlier, the central banks of Israel, Norway, and Sweden teamed up with the Bank for International Settlements toScenarios that could influence a decision to issue a digital shekel include a decision by the U.S. or the European Union to issue CBDCs. A decline in cash usage, significant use of stablecoins, competition in the domestic payment system, and significant technological developments in payments systems could also sway the central bank's decision to issue one.
"The Bank of Israel must be prepared to advance the issuance of a digital shekel, if the variables listed above support it," the announcement said.
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