An Israeli cryptocurrency research group approached the government in an official press release on November 6th. According to the data presented, the central bank of the country should not issue its own cryptocurrency.
Founded in November 2017 by the Governor of the Bank of Israel, the interagency group conducted research on the launch of the digital currency of the central bank (CBDCs) and presented the results in a report published this week. The report states:
“Central banks around the world are examining the possibility of issuing digital currency and/or using distributed technologies in the payment systems, but no advanced economy has yet issued digital currency for broad use. The team does not recommend that the Bank of Israel issue digital currency in the near future. It is necessary to continue examining the field and to follow developments around the world before there are proper grounds for a decision to recommend issuing digital currency.”
It is worth noting that the conclusions made by Israeli experts did not come as a surprise to the public. A similar trend is there in different countries around the world. Central banks refuse to launch their own digital currencies, noting a number of shortcomings in this form of finance.
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