Bank of Israel Selects 14 Teams to Explore Digital Shekel Use Cases
The Bank of Israel has engaged 14 teams from various sectors - including finance, fintech, technology, and academia - to explore potential applications for a digital shekel.
These teams were chosen from a recent challenge to propose innovative use cases for the digital currency.
Their projects cover diverse areas, such as integrating the digital shekel with existing payment systems and cash, utilizing advanced features like subwallets and conditional payments, and experimenting with different technologies.
The central bank plans to test these proposals in a digital sandbox starting in August, with results to be presented at a conference in late October.
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Andrew Abir, Deputy Governor of the Bank of Israel, stated, “We have already gained significant insights from this initiative and expect even more from the solutions developed by these teams.
The success of the digital shekel in driving payment innovation will largely depend on how the private sector uses the platform we are creating, making this Challenge crucial.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
