How the Israeli government is considering launching a national cryptocurrency

Israel wants to launch a national cryptocurrency (a digital shekel), which would correspond in value to physical shekels.

Actually, Israel’s black market is approximately 22% of the country’s gross domestic product. And Israel’s cryptocurrency would make black market transactions less possible.

Furthermore, Israel’s government is considering legislation that would substantially reduce the amount of physical cash in the economy.

The creation of Israel’s cryptocurrency is just getting underway. Israel’s government has offered the “Economic Arrangements Bill”. If this Bill passed, it would create a separate panel for the Bank of Israel to consider creating Israel’s cryptocurrency.

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