Bank

COTI

Shekel

Foundation

Read

COTI Foundation has secured a seat with the likes of Paypal and Fireblocks to work on Israel’s Central Bank Digital Currency (CBDC) project. The Israeli CBDC is dubbed Digital Shekel. 
<h2 id="bank-of-israel-to-explore-advanced-coti-features">Bank of Israel to Explore Advanced COTI Features</h2> 
The Layer-2 scaling network COTI announced the strategic collaboration on X, stating that it is a significant milestone in its evolution. 
Noteworthy, COTI identifies itself as a leader in the <a href="https://coingape.com/glossary/central-bank-digital-currency-cbdc/" target="_blank" rel="noopener">CBDC</a> niche due to the advanced features that it offers. These features offered by COTI’s privacy-focused L2 blockchain can hold and securely transact CBDCs. It was the only blockchain selected by the Bank of Israel to take part in the CBDC initiative. 
Currently, several nations are are at different points in their CBDC journey. The few without an active CBDC project are more are likely to join with time. With the expansion, there is likely to be a growing need for credible and scalable blockchain infrastructure. The Layer 2 has revealed that it would strategically position itself to meet this need as a leader in the CBDC marketplace. 
<blockquote class="twitter-tweet"> 
 As the only blockchain network selected to take part, COTI’s privacy-focused L2 blockchain offers advanced features to hold and securely transact with CBDCs. 
 2/3 
 — COTI Foundation (@COTInetwork) <a rel="nofollow" href="https://twitter.com/COTInetwork/status/1815752298322391085?ref_src=twsrc%5Etfw">July 23, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
In this case, the L2’s focus will be on the implementation and use of advanced functionalities and ways to build an ecosystem around the Bank of Israel’s CBDC. Moreso, COTI will bring its expertise to bear on design considerations. In addition, the protocol’s use of garbled circuits will introduce unprecedented levels of privacy and confidentiality to its users. 
<h2 id="bank-of-israel-s-foray-in-the-cbdc-ecosystem">Bank of Israel’s Foray in the CBDC Ecosystem</h2> 
The Bank of Israel has been exploring the CBDC landscape for the past six years. The decision to take COTI on this journey suggest that the institution is making progress. In April 2023, the <a href="https://coingape.com/bank-of-israel-issuing-digital-shekel-cbdc/" target="_blank" rel="noopener">Bank of Israel</a> Steering Committee on the Potential Issuance of a Digital Shekel outlined the plan to issue a digital shekel “SHAKED.” 
At the time, the bank cited CBDC issuances by other countries such as the U.S. and the European Union. It also mentioned declining cash transactions in Israel as reasons for a potential Digital Shekel issuance. It also talked about stablecoin adoption, competition in the domestic payment system, and technological developments in payments. Still, it did not finalize plans on the CBDC. 
The Bank of Israel later joined Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements Innovation Hub (BISIH) Hong Kong Centre on a retail CBDC project. The trio worked on <a href="https://coingape.com/hong-kong-taps-israel-to-pilot-cbdc/" target="_blank" rel="noopener">Project Sela</a>, a retail CBDC ecosystem that is efficient, accessible, and secure with priority on privacy and cybersecurity. 
The bank’s return to focus on its CBDC could be an aftermath of Project Sela. 
Read More: <a href="https://coingape.com/jim-cramer-claims-eth-was-bid-up-before-etf-debut/" target="_blank" rel="noopener">Jim Cramer Claims ETH Was “Bid Up” Before ETF Debut</a> 
The post <a href="https://coingape.com/coti-joins-paypal-and-fireblocks-to-advance-israel-cbdc-project/">COTI Joins PayPal And Fireblocks To Advance Israel CBDC Project</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

COTI Joins PayPal And Fireblocks To Advance Israel CBDC Project

Obsah

Coingape News Media

Ďalšie články zverejnené 23. 7. 2024

The Digital Chamber Urged VP Kamala Harris To Embrace Digital Assets

VanEck Ethereum ETF receives SEC green light

Magnify Cash Launches DeFi Protocol and Announces $MAG Token Fair Launch (23 Jul)

Two Whales Transfer 25,865 ETH to Exchanges Before Ethereum ETF Launch

MoonBag Presale Draws Investors Attention as Quant Loses Investor Confidence

BlackRock Bitcoin ETF Sees $0.5 Billion Inflow, IBIT Share Jumps

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!