Key Takeaways:
- The Bank of Israel is launching the “Digital Shekel Challenge” to explore advanced payment options for its potential digital currency.
- The initiative includes developing new payment use cases such as micropayments, split payments, and multiparty signature payments.
- The challenge starts with a webinar on June 6 and concludes with results discussed by the end of September.
The Bank of Israel is launching a “Digital Shekel Challenge” to explore advanced payment options for its potential digital currency, the digital shekel.
This initiative aims to develop new payment use cases, such as micropayments, split payments, and multiparty signature payments.
BANK OF ISRAEL LAUNCHES OWN CBDC – THE DIGITAL SHEKEL
— BSCN (@BSCNews) May 29, 2024
– Against a backdrop of massive geopolitical tensions, the Bank of Israel (BoI) has announced its own central bank digital currency (CBDC) experiment in the 'Digital Shekel'.
– The program takes inspiration from ‘Project… https://t.co/VKl7tmLYHm pic.twitter.com/MHv9VcGoPW
Although the Bank has not yet decided to issue a digital shekel, it has developed a technological prototype and is inviting financial service providers and other stakeholders to collaborate on the project.
The challenge begins with a webinar on June 6, followed by a series of applications and presentations, with results discussed by the end of September.
Inspired by the BIS Innovation Centre’s “Rosalind Project”, this initiative seeks to bridge the gap between the web3 industry and government.
Bank of Israel Launches Digital #Shekel Challenge #NewsBytes https://t.co/jDbYtXeICP
— Bitcoin.com News (@BTCTN) May 29, 2024
The Bank of Israel has conducted pilot tests and worked with international partners to explore and secure the potential CBDC system.
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