In the rapidly digitizing world, cryptocurrencies are gaining more ground day by day. Although countries such as Indonesia and China try to limit the use of cryptocurrencies, there is a more positive attitude around the world. A new development in the adoption of cryptocurrencies comes from Israel: The Digital Shekel.
According to the news of the Israeli media channel Haaretz, the Israeli government has put the digital shekel on its agenda in order to reduce the flow of cash in circulation. According to sources close to the Israeli Ministry of Finance, Israel’s black market accounts for about 22% of the country’s gross domestic product, and the Israeli government plans to minimize informal transactions by promoting digital currencies. The executives of the Israeli-based Blockchain wallet Colu, which makes the coin, also announced that they are ready to provide any support related to digital money;
“Israeli regulators have been working on digital currencies for a while, and we are part of this conversation. If this initiative becomes a reality, as Colu, we are ready to provide all kinds of support… because we believe that cryptocurrencies will be the future of the digital world.”
As we have reported in the past weeks, Israeli Prime Minister Netanyahu said that traditional banking systems are outdated and that Bitcoin He stated that with Blockchain technology could replace the current banking system.
It seems that Israel is quite determined to turn to cryptocurrencies.