The Bank of Israel and the Finance Ministry is actively considering issuing its own virtual currency in the form of a state-backed cryptocurrency. The digital currency is seen as an important monetary instrument to achieve the building of a “faster” payments system, and to reduce the quantity of conventional or paper cash in the economy, increase in liquidity, decrease in cost of credit to businesses, and a general increase in payment’s resilience and security.
The Bank of Israel has for long been concerned about the black market activity or the shadow economy, which as per estimates forms up to 22% of the Israel’s GDP, the level of untaxed transactions, and reduction of anti-money laundering.
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