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Israel wants to introduce national cryptocurrency

Following the example of Russia and Dubai, Israel is considering the possibility of providing a national cryptocurrency - a digital shekel, which would correspond to the value of a physical shekels.

24.Dec.17 10:16 AM
By Daria Zaytseva


Israel wants to introduce national cryptocurrency

According to the sources close to the Ministry of Finance, Israel's black market is about 22 percent of the country's gross domestic product. The digital currency registered in the Israelís government would make transactions on the black market less possible.

In addition, the government is considering legislation that would significantly reduce the amount of physical money in the economy. For example, one proposal would be a law on the payment of wages in cash.

However, the process of creating the digital shekel is just beginning. The government has proposed the" Economic Arrangements Bill," which, if adopted, would create a separate panel for the Bank of Israel to consider the creation of the digital shekel.

The addition of cash laws is the result of the Knesset's refusal to enact legislation of the same ilk two years ago. As evidenced by the recent comments of the Israeli Prime Minister, the pressure on the adoption of the digital currency is very high.

Colu, a wallet application from Blockchain in Israel, has been assisting the Israeli government to conduct a digital currency. Mark Smargon, vice president of Blockchain Colu, said if this initiative became a reality, Colu would be happy to cooperate because in their opinion the digital currencies were the future of money.

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