Central Bank of Israel tests digital shekel based on Ethereum technology

The Israeli Central Bank has used Ethereum blockchain technology to pilot test its own digital currency.

The Central Bank of Israel plans to issue a national digital currency: the bank’s representatives produced a one-time digital shekel as part of an internal pilot project.

For this, an experimental environment based on Ethereum technology was organized. This particular cryptocurrency was chosen as it became the first blockchain technology capable of storing fully functional computer programs known as smart contracts and allowing the creation of new cryptocurrencies.

Central Bank Deputy Governor Andrew Abir said that with the creation of a national digital currency, the need for banks will not disappear: they will still remain an important part of the payment system.

Abir noted that the final decision on the issue of the digital shekel has not yet been made.

In addition, the Central Bank of Israel tested the possibility of issuing certificates of ownership of a vehicle in the format of non-fungible tokens (NFT) and carried out an operation to transfer them. The transfer took place instantly and without intermediaries.

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Author: John Kessler
Graduated From the Massachusetts Institute of Technology. Previously, worked in various little-known media. Currently is an expert, editor and developer of Free News.
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John Kessler

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