The Bank of Israel publishes the main points of the public’s response to the consultation concerning a potential digital shekel

In conjunction with the publication of the document entitled “A Bank of Israel Digital Shekel: Potential Benefits, Draft Model, and Issues to Examine” in May 2021, the Bank of Israel published a public consultation with the aim of obtaining responses from various parties relating to relevant issues surrounding the potential issuance of a digital shekel, and creating public discourse on the matter.  The public consultation invited the public to respond to a number of aspects, including the benefits and motivations in the potential issuance of a Bank of Israel digital currency, a draft model outlined by the Steering Committee, issues that the Committee has examined, and additional relevant issues.  A variety of in-depth responses were received from various sectors, including financial entities, technology and fintech companies, government bodies, people from academia, and more.  The Bank of Israel compiled the main points of the responses into a uniform document detailing the respondents’ positions on a number of topics: inclusion of the private sector; issues from the world of payments; the digital shekel’s effect on monetary and financial stability, technological aspects, and legal issues including aspects of privacy.