The Bank of Israel is set to launch a sandbox for private sector players to experiment with a possible central bank digital currency (Central Bank, Digital Currency (CBDC)).
It is building an application programming interface (API)-based sandbox, deputy governor Andrew Abir said today (April 16). It will invite banks and fintech companies, among others, to develop use cases that will help design the digital shekel program.
Abir said the official announcement of the project will take place in the “coming weeks.”
The work is inspired by Project Rosalid by the Bank of International Settlements (BIS) and the Bank of England, Abir said.
Project Rosalid experimented with an API and found that the interface would work with different central bank ledger designs to facilitate payments. It also tested retail payment options including making online Central Bank, Digital Currency (CBDC) payments.
The digital shekel project, he said, is an “action plan” that will enable the central bank to be ready to issue a digital currency if the government makes that decision.
Read full article from centralbanking.com.
The post Bank of Israel to Launch Central Bank, Digital Currency (CBDC) ‘Sandbox’ appeared first on Stopping Socialism (Slavery).
Click this link for the original source of this article.
Author: Stopping Socialism (Slavery)
This content is courtesy of, and owned and copyrighted by, https://stoppingsocialism.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.