Bank of Israel pilots CBDC
Bank of Israel Deputy Governor Andrew Abir has revealed that the apex bank has conducted a pilot test of a digital shekel cryptocurrency. He mentioned this at a recent conference of the Fair Value Forum of IDC Herzliya.Central bank digital currencies (CBDCs) have become very popular as governments globally are looking to catch up to the private financial system. Abir pointed out that the Bank of Israel realizes the importance of CBDCs but doesn’t think the need would arise right away. However, the bank had to prepare for adoption as soon as possible.
Abir said, “I had previously estimated that the chance of having a CBDC within five years is 20%. My estimate has increased a bit in the last year, mainly because other countries are advancing with it too. But still, there is less than a 50% chance.”
The need for a CBDC might not arise
The Bank of Israel deputy governor says he personally doesn’t think the need for CBDCs would arise. Several other central bank heads might disagree with his comment. The past year has seen the massive rise of cryptocurrencies and stablecoins.Most central banks, especially those in the developed countries, are wary that giant tech companies like Facebook would launch global stablecoins that could gain massive adoption and disrupt the current financial ecosystem. Hence, the reason why most of them are developing their CBDCs. CBDCs would ensure that the central banks continue to control the financial system instead of private companies.
Abir, however recognized that there is a battle brewing in the financial system. “We are in the middle of a process of disruptive technology, and we do not know who are going to be the winners. Will it be the banks, credit-card companies, fintech or big technology companies? There will be changes in the next few years that we do not yet know about. But it is clear that the environment in five years’ time will not be the same as the environment today,” he concluded
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