The Bank of Israel has adopted Ethereum blockchain technology for an internal pilot project to test the digital shekel, a source close to the subject told Globes. Ethereum is the second largest cryptocurrency in the world after Bitcoin.
To implement the project, the IT department of the Bank of Israel issued a token based on Ethereum blockchain technology, which represents digital shekels, and set up digital wallets into which venture team members can transfer “imaginary digital shekels” to each other within the Israeli bank.
Real money is not included at this stage, and digital transfers are only part of the rehearsal. The use of Ethereum is within a closed network and is in no way connected to the general network of Ethereum currencies.
This technology is used in other surveys conducted by central banks around the world, including Australia, Hong Kong and Thailand.
As part of a pilot project implemented by the Bank of Israel, the economic, business, legal and technological aspects of the process are being examined.
Posted by Globes, business news in Israel – en.globes.co.il – June 23, 2021
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