We recently learned that Israel wanted to follow the example of Russia and Dubai, by creating a shekel digital whose value will be equivalent to the shekel physics.
Combat the black market in currency
According to a source within the ministry of Finance, the foreign exchange black market in Israel is equivalent to 22 % of the gross domestic product of the country. The existence of a digital currency, registered with the government of Israel, would make it difficult to transactions on the black market. In addition, according to the same source, the government is considering a law that would significantly reduce the amount of money physically in circulation.
Israel has long known about the potential of crypto-currencies
However, the process of creation of the shekel as digital is only in its infancy. The government had first submitted a proposal for a law on ” economic arrangements “. If this law were to be adopted, the central Bank of israel could seriously consider the creation of the shekel digital. We can say that there is a lot of pressure on the israeli government to the adoption of this digital currency and national. The recent statements by the israeli Prime minister are testimony to this. In fact, in a video published on 12 December last year, Benjamin Netanyahu said that traditional banks would surely be obsolete and could be replaced by Bitcoin. Moreover, the israeli government has already begun discussions with Colu, the supplier israeli digital wallets.
“The regulators israelis reflect for a long time the adoption of crypto-currencies, and we have been asked to take part in this debate. If this initiative became a reality, Colu would be happy to collaborate with the israeli government, because we are convinced that crypto-currencies are the future of the economy and finance, ” said Mark Smargon, VP Blockchain within Colu.
Source : Coindesk