The Bank of Israel has adopted the Ethereum blockchain technology for an internal pilot project to check the digital shekel, a source close to the matter told Globes. Ethereum is the second largest cryptocurrency in the world after Bitcoin. To implement the project, the Bank of Israel IT department team issued a token based on the Ethereum blockchain technology, which stands for digital shekels, and created digital wallets that project team members could transfer “virtual digital shekels” to each other within the Bank of Israel. Related Articles At this point there is no real money and digital transfers are only part of the experience. Ethereum is used within a closed network and is in no way connected to the public Ethereum coin network. This technology is being used in other experiments conducted by central banks around the world including Australia, Hong Kong and Thailand. As part of the pilot project implemented by the Bank of Israel, the economic, commercial, legal and technological aspects of the operation are examined. Published by Globes, Israel business news – en.globes.co.il – June 23, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021
Bank of Israel Adopts Ethereum to Experiment with the Digital Shekel
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