Israeli Central Bank receives a recommendation to not issue own digital currency. The Bank of Israel was keen on looking for the options available to issue its own digital currency. Conversely, it was not ready to make a move without proper research. It had asked a study group to conduct research on the options for the bank to issue its own digital currency.
This information was confirmed in the bank’s press release, which was actually aimed at acknowledging the public for the development and to create a public discussion. Also, the governor of the central bank set up an interdepartmental team. On the purpose of studying Central Bank Digital Currencies (CBDC). They completed the research and submitted the report which published in the press release.
The press release added: “Central banks around the world are examining the possibility of issuing digital currency and/or using distributed technologies in the payment systems, but no advanced economy has yet issued digital currency for broad use. However, The Bank of Israel has also established a team to study the issue.
The team does not recommend that the Bank of Israel issue digital currency in the near future. It is necessary to continue examining the field. Also, to follow developments around the world before there are proper grounds for a decision to recommend issuing digital currency.”
This is not the opinion of Israel’s central bank alone. Even the European Central Bank has the opinion that it was not the right time to issue their own digital currencies. Because even though the technology is evolving, both in terms of investments and adoption, however, no significantly big moves have come in or out of any of the countries.
Israeli Central Bank receives a recommendation to not issue own digital currency. As for Israel, it has been a good year for crypto.
And it is not a “total no from all the central banks” either. Also, because the Central Bank of China has been keen on creating options for launching its own digital currency