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Israel will issue its crypto currency as a response to bitcoin

The electronic shekel should become an aid to the existing monetary unit of Israel

The financial authorities of Israel are considering the issue of creating an alternative to bitcoin – its own crypto currency. Formally, the electronic sheqel will be used as an alternative to the cash currency of Israel, although the technology for blocking will most likely be used as the basis for its emission. This will mean that in the Middle East, de facto one of the states will issue its own crypto currency. A feature of the circulation of electronic shekels may be that transactions involving its participation will occur without the participation of banks.

The recommendation to central banks of the world to consider the option of issuing its own crypto currency was earlier issued by the Bank for International Settlements (Basel, Switzerland), which is considered “the central bank for the world’s central banks.” In the case of an electronic shekel, its issue will be dealt with by the central bank of Israel. In many ways, the electronic sheqel will compete on the functional with bitcoin. Moreover, one of the advantages over bitcoin will be that the Bank of Israel has significant resources, which for the first time during this time exceeded 100 billion dollars in the current year. As you know, bitcoin has no assets that would guarantee its value, at least indirectly, and the pricing of this crypto active is determined mainly by the state of demand for it in the market.

The possibility of launching a cryptor in Russia was also mentioned in our country, while the turnover of crypto-currencies requires clarification of the legal field, the parameters of which are still under development.