Israel to Start Digital Shekel Challenge to Develop Payment Use Cases
Summary
Israel's central bank is launching a Digital Shekel Challenge to explore the issuance of a digital shekel. The bank has developed a technological prototype and is inviting payment-service providers to participate in exploring advanced payment options, including micropayments and split payments. The Bank of Israel has not yet decided whether to issue a central bank digital currency (CBDC) but has been exploring the technology for years. The challenge will kick off with a webinar on June 6 and culminate in September with the announcement of results. This initiative is inspired by the BIS Innovation Centre's "Rosalind Project" and aims to bridge the gap between the web3 industry and government.
