The Bank of Israel has released a preliminary design for the digital shekel, detailing its ecosystem, technical framework and regulatory considerations.
The Bank of Israel released a preliminary design proposal for the digital Shekel (DS), Israel’s potential central bank digital currency (CBDC), despite no solid intent for an official launch.
On March 3, the Bank of Israel’s Steering Committee issued an initial design for an in-house CBDC — outlining its supporting ecosystem, functionality, technical design, regulatory considerations and next steps.
The central bank’s committee had previously identified six possible motivations for issuing a digital shekel, which include creating an alternative payment system and infrastructure, lowering costs, improving privacy and supporting the government’s fight against the “black economy,” among others.
