The cryptocurrency market has shaken Israel’s economy. Just yesterday, Prime Minister Benjamin Netanyahu stated that the promotion of Bitcoin in the country is unacceptable and warned of severe consequences for banks. Today, the country’s Ministry of Finance is considering launching its own cryptocurrency.
Israel Prepares Its Own Cryptocurrency
According to official statements, the electronic shekel is planned to be introduced into circulation soon. Officials explain that such measures are due to the reduction in cash transactions and the transition to digital currency. The electronic shekel will not be restricted – Israeli citizens will be able to freely convert the currency and perform financial operations.
Interestingly, two months ago, Chinese financial experts announced the introduction of government cryptocurrencies, predicting the launch of digital currencies in developed countries where cash circulation is declining in favor of cashless transactions. And now, the first signs are appearing – Israel, Sweden, Denmark.
It is only unclear what benefits residents will gain, as the exchange rate of the currency is planned to be set at the level of the country’s monetary system, with the regulator being the state. It immediately becomes clear “who” is behind this innovation.
