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Post: Bank of Israel’s CBDC Experiment: Accelerating Digital Shekel Development

Bank of Israel’s CBDC Experiment: Accelerating Digital Shekel Development

Key Points:

  • The Bank of Israel launches a CBDC experiment inspired by the BIS Innovation Hub’s Project Rosalind.
  • Israel aims to accelerate the development of its digital shekel, a central bank digital currency.
  • The BoI plans to collaborate with service providers to create an advanced digital payments ecosystem around the digital shekel.
  • Project Rosalind is a collaboration between BIS and the Bank of England to develop prototypes for an application programming interface.

Bank of Israel’s CBDC Experiment:

The Bank of Israel has initiated a central bank digital currency (CBDC) experiment drawing inspiration from the BIS Innovation Hub’s Project Rosalind. This move indicates Israel’s commitment to advancing the development of a digital shekel within its financial ecosystem.

Development of Digital Shekel:

Israel aims to expedite the progress of its in-house central bank digital currency, the digital shekel. By engaging with various service providers, the Bank of Israel intends to collaboratively build a sophisticated digital payments infrastructure centered on the digital shekel.

Project Rosalind Collaboration:

Project Rosalind, a joint initiative between the Bank for International Settlements (BIS) and the Bank of England, focuses on creating prototypes for an application programming interface. This collaborative effort highlights the significance of exploring innovative approaches to digital currency development and implementation.

Hot Take:

The Bank of Israel’s CBDC experiment showcases a proactive approach towards digital currency innovation, aligning with global efforts to explore the potential of central bank digital currencies. By collaborating with service providers and leveraging insights from Project Rosalind, Israel aims to carve a path towards a more digital-centric financial landscape.

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