Israel Decision on Digital Shekel Won't Occur Before the EU's Call on Digital Euro: Reuters
The Bank of Israel will not decide on the introduction of a central bank digital currency (CBDC) before the European Central Bank (ECB) does, according to Deputy Governor Andrew Abir. He anticipates a rush of countries moving forward with CBDCs once the ECB makes its move. Israel's central bank recently launched the Digital Shekel Challenge as part of an action plan for a potential digital shekel issuance. As of May, 134 countries or jurisdictions, representing 98% of global GDP, are exploring a CBDC. The EU has shown significant interest in developing its own digital currency. The Bank of Israel is conducting a behavioral study to determine public adoption of a digital shekel. The main incentive for a CBDC in Israel is to create a level playing field for payment providers and allow them to compete with the banks.
