Business & Investment

Bank of Israel adopts Ethereum for digital shekel trial

The Bank of Israel has adopted Ethereum blockchain technology in an internal pilot project to investigate digital shekels. A source close to this issue tells Gloves. Ethereum is the second largest cryptocurrency in the world after Bitcoin.

To implement the project, the Bank of Israel’s IT team will issue tokens based on Ethereum’s blockchain technology, which represents digital shekels, and a digital wallet that will allow venture team members to transfer “fictitious digital shekels” to each. Set up. Others within the Bank of Israel.

At this stage, real money is irrelevant and digital transfer is only part of the trial. The use of Ethereum takes place within a closed network and is completely unconnected to the general Ethereum currency network.

This technology is also used in other trials conducted by central banks around the world, including Australia, Hong Kong and Thailand.

The economic, business, legal and technical aspects of the process are being considered as part of a pilot project undertaken by the Bank of Israel.

Israeli Business News, Published by Gloves- en.globes.co.il -June 23, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Bank of Israel adopts Ethereum for digital shekel trial

https://en.globes.co.il/en/article-1001375607#utm_source=RSS Bank of Israel adopts Ethereum for digital shekel trial

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