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Israel will issue its own virtual currency

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December 24, 2017 | 

1023 Views | 

Joanna Newman | 

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In order to reduce the volume of cash use, the Ministry of Finance of the State of Israel wants to issue a cryptocurrency. This is to prevent crime and terrorist activities.

A digital currency against tax evasion and crime


To reduce the volume of liquidity, the Israeli Ministry of Finance is considering a proposed law for 2019. This would prohibit the payment of wages in cash and reduce large cash transactions. The goal is to prevent tax evasion and reduce terrorist and criminal activity.

That's what the Israeli newspaper The Marker announced.

However, to stop the allegations against this decision (for people who do not have a bank account for example) will be put in place an alternative to cash: the Shekel digital.

Creation of an Israeli Bitcoin


In fact, the digital Shekel will work in the same way as Bitcoin. But it has been some time since banks around the world are trying to find an alternative to compete.

Thus, the solution found by several countries is the issuance of a digital currency that would be an official currency of the country. This currency would not be like decentralized Bitcoin, but distributed by a central bank. As for its value, it would be the same as that of the physical currency.

It will be to make payments electronically using a line code, and this, from a laptop.

This code line will replace the physical currency and the payment will not go through any clearing system.

Crypto currency available only on mobile


It should be noted that it is the Bank of Israel that will issue this digital Shekel and we can receive it as we receive physical money: by withdrawal of the account, by ATM or exchange.

The state considers that this currency will be stored on the personal bank accounts of citizens at the Bank of Israel, so as not to be stolen.

Alternatively, the money will only be in the mobile device that will serve as a wallet.

If the phone is stolen, the money can be stolen, but can not be used for anonymous transactions. This will eliminate the underground economy.

In addition, as part of this bill, it will be recommended to establish a commission within the Bank of Israel, which will examine the issue of digital Shekel in all its details.

Anyway, it seems that this whole process will take time. Israel is unlikely to be the first country to issue digital currency, as Sweden and the United States are already at an advanced stage in this process.

Obviously, it is likely that Israel will wait, before embarking, to see in these countries the implications of this revolutionary movement.

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