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The digital shekel issued by the Bank of Israel is expected to support offline transactions, ensuring usability even without immediate internet access.

To protect user privacy, the Bank of Israel proposes that only PSPs will hold user data, avoiding a centralized database of personally identifiable information.

The proposed digital shekel issued by the Bank of Israel is expected to serve households, business and large financial institutions alike.

The Bank of Israel released a two-tier model where it issues the digital currency and private-sector Payment Service Providers (PSPs) manage customer interactions such as onboarding and transaction services.

The Bank of Israel has released the “Digital Shekel Challenge” encouraging developers to come up with real-world use cases of this new CBDC implementation.

The Bank of Israel intends to design the digital shekel as programmable and interoperable with existing payment systems and digital asset networks.

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Bank of Israel unveils plans for CBDC

Crypto news