Israel Reportedly Launching Its Own Cryptocurrency

Cryptocurrency is all the rage these days and it’s now increasingly becoming a part of the global financial system. If a new report is to be believed, Israel is actually thinking about launching its own cryptocurrency. According to the report, the Bank of Israel is mulling the idea in order to create a faster payments system and reduce the amount of cash in the economy.

Citing a source in the country’s central bank, Reuters reports that Israel is thinking about launching its own digital currency. The report does caution that no decision has been made as yet regarding this move.

The source mentioned that the government is ready to legislate or include the digital currency option in its 2019 budget and economic package if the central bank gives it the green light.

It was also claimed that any digital currency launched by the country’s central bank will be centralized, secure and that it would abide by the money laundering rules. It’s going to be fundamentally different compared to popular digital currencies like Bitcoin which are decentralized and often see immense price volatility.

The government has been trying to limit the amount of cash in the economy for the past few years. Estimates put the black economy at 22 percent of the national output. Bank of Israel hasn’t officially commented on the matter as yet.

Adnan Farooqui
Categories: General
Tags: cryptocurrency