Bank of Israel today announced that they would use Ethereum blockchain technology for its CBDC pilot program digital shekel. As per an unknown source of the Israeli financial daily Globes.
Andrew Abir, Deputy Governor of the Israeli central bank, said that digital shekel would pose no risk to the banking system. The main aim is to make the payment system more robust.
Ethereum is the first blockchain to host a fully functioning computer program known as a smart contract that allows users to create new cryptocurrencies.
Nowadays, Ethereum is becoming the best choice for many institutions. Recently, JP Morgan started its blockchain built on top of Ethereum as well.
CBDC is now becoming a top priority of many developed nations around the globe. China’s digital yuan is complete and currently widespread. To catch up with these countries Israel plans to use the Ethereum blockchain in its digital shekel program for CBDC.
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