{"id":26653,"date":"2022-05-11T15:43:10","date_gmt":"2022-05-11T19:43:10","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=26653"},"modified":"2022-05-11T15:43:39","modified_gmt":"2022-05-11T19:43:39","slug":"israel-cbdc-project-receives-positive-support-from-public","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/israel-cbdc-project-receives-positive-support-from-public\/","title":{"rendered":"Israel&#8217;s CBDC project receives positive support from public"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\"><a href=\"https:\/\/coinscreed.com\/staging\/binance-reportedly-halts-all-operations-and-marketing-focused-on-israel.html\" target=\"_blank\" rel=\"noreferrer noopener\">The central bank of Israel<\/a> is yet to make a final decision on the launch of the &#8220;digital shekel&#8221; the country's CBDC project, however, the public response to the concept has been mostly positive.<\/h5>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/06\/Israels-Central-Bank-Digital-Currency-Project-Is-on-the-way.jpg\" alt=\"Israel CBDC project receives positive support from public \" class=\"wp-image-4309\" width=\"853\" height=\"421\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/06\/Israels-Central-Bank-Digital-Currency-Project-Is-on-the-way.jpg 730w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/06\/Israels-Central-Bank-Digital-Currency-Project-Is-on-the-way-300x148.jpg 300w\" sizes=\"(max-width: 853px) 100vw, 853px\" \/><figcaption>Israel CBDC project receives positive support from public <\/figcaption><\/figure><\/div>\n\n\n\n<p>The Bank of Israel summarized the results of the public consultation on its central bank digital currency (CBDC) proposals on Monday, according to Reuters.<\/p>\n\n\n\n<p>It received 33 answers from various sectors, half of which came from outside the country and 17 from the domestic fintech community. It asserted, while stating that the ultimate decision on the project's destiny had yet to be made:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\" id=\"h-all-of-the-responses-to-the-public-consultation-indicate-support-for-continued-research-regarding-the-various-implications-on-the-payments-market-financial-and-monetary-stability-legal-and-technological-issues-and-more\"><p>\u201cAll of the responses to the public consultation indicate support for continued research regarding the various implications on the payments market, financial and monetary stability, legal and technological issues, and more.\u201d<\/p><\/blockquote>\n\n\n\n<p>While the public is said to believe that the <a href=\"https:\/\/www.google.com\/search?q=Israel+CBDC+project+receives+positive+support+from+public&rlz=1C1SQJL_enNG889NG889&oq=Israel+CBDC+project+receives+positive+support+from+public&aqs=chrome..69i57.467j0j9&sourceid=chrome&ie=UTF-8\" target=\"_blank\" rel=\"noreferrer noopener\">digital shekel<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a> will promote competition in the payments business, the privacy issue has resurfaced as a point of contention.<\/p>\n\n\n\n<p>Some critics want that the future currency is completely anonymous, while others argue that anonymity is unrealistic in the fight against money laundering and the illicit market.<\/p>\n\n\n\n<p>The Bank of Israel intends to keep doing research and maintain a &#8220;fruitful engagement with all relevant parties at all levels of research and development.&#8221;<\/p>\n\n\n\n<p>Elad Mor, the head of worldwide blockchain PR agency MarketAcross, which is based in Israel, told Cointelegraph about the Israeli crypto community's opinions regarding the digital shekel:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\" id=\"h-it-feels-like-most-digital-shekel-cbdc-supporters-are-painting-the-topic-as-a-broad-strokes-adoption-narrative-in-other-words-any-crypto-adoption-is-still-adoption-even-if-it-doesn-t-adhere-to-crypto-s-core-values-like-decentralization-and-anti-institutionalism\"><p>&#8220;It feels like most digital shekel CBDC supporters are painting the topic as a broad-strokes adoption narrative. In other words, any <a href=\"https:\/\/coinscreed.com\/staging\/african-countries-with-highest-crypto-adoption.html\" target=\"_blank\" rel=\"noreferrer noopener\">crypto adoption<\/a> is still adoption even if it doesn\u2019t adhere to crypto\u2019s core values like decentralization and anti-institutionalism.&#8221;<\/p><\/blockquote>\n\n\n\n<p>Not everyone in Israel's digital finance sector, according to Mor, shared the same goal. Nonetheless, he feels that &#8220;bringing crypto to the masses must begin with some institutional and governmental participation.&#8221;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">About Israel's CBDC project<\/h2>\n\n\n\n<p>The central bank first considered the <a href=\"https:\/\/coinscreed.com\/staging\/south-african-reserve-bank-completes-poc.html\" target=\"_blank\" rel=\"noreferrer noopener\">CBDC<\/a> initiative at the end of 2017. The research team advised that the initiative be put on hold for the time being, however, the Bank of Israel reintroduced the proposal in May 2021.<\/p>\n\n\n\n<p>It announced in November 2021 that it will speed up research. The Bank of Israel affirmed in March 2022 that the eventual deployment of the digital shekel would not pose a threat to the national banking system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The central bank of Israel is yet to make a final decision on the launch of the &#8220;digital shekel&#8221; the country&#8217;s CBDC project, however, the public response to the concept has been mostly positive. The Bank of Israel summarized the results of the public consultation on its central bank digital currency (CBDC) proposals on Monday, [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":4309,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4161],"tags":[],"class_list":["post-26653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/06\/Israels-Central-Bank-Digital-Currency-Project-Is-on-the-way.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/26653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=26653"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/26653\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/4309"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=26653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=26653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=26653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}