Bank of Israel Intends to Launch Central Bank Digital Currency Digital Shekel

On Monday, the Bank of Israel announced its intention to introduce a central bank digital currency (CBDC) called the Digital Shekel. The bank’s Steering Committee on the Potential Issuance of a Digital Shekel outlined the plan to issue a new cryptocurrency known as SHAKED, although the decision is still subject to finalization. In a press release on April 17, the central bank shared potential reasons in support of the issuance of a CBDC.