Bank of Israel Plans To Boost Digital Shekel
In the interim, the Bank of Israel is considering several options for increasing adoption of its central bank digital currency (CBDC).
The central bank announced its plans, noting that widespread adoption of the digital shekel will provide numerous benefits to the financial ecosystem. The central bank proposed a two-pronged approach to increasing adoption, focusing on both users and merchants.
On the user side, the central bank notes that the state will allow citizens to pay taxes and fines using the digital shekel. Another strategy for driving growth for the digital shekel is to use it to pay salaries at the central bank, with the plan providing legitimacy to the offering.
(With inputs from Shikha Singh)
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