2024

Bank AI

Wednesday

Story

<h4 data-block-id="77b37ebf-527f-4f80-9878-7b59f01fd3d0" data-pm-slice="1 1 []"><strong>Israel’s central bank recently disclosed plans to launch an Israeli shekel CBDC. This digital shekel will have interest-bearing features. The country’s financial regulator shared the news on Monday, March 11. </strong></h4>
<p data-block-id="77b37ebf-527f-4f80-9878-7b59f01fd3d0" data-pm-slice="1 1 []">It noted that the move was part of its plans to integrate modern financial technology.</p>
<h5 data-block-id="77b37ebf-527f-4f80-9878-7b59f01fd3d0" data-pm-slice="1 1 []"><strong>Israel Advances CBDC Launch Plans</strong></h5>
<p data-block-id="242aac7f-832c-4387-a973-5a2ca146fade">There will be two tiers to the implementation of the digital shekel. It will include offline capacity, many payment options, and round-the-clock instant transactions. Additionally, the digital shekels will feature built-in balance limitations. Several countries have launched CBDCs. But, Israel’s digital shekel differs due to its interest-bearing abilities. This means the CBDC can appeal to both users and investors.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">The Bank of Israel releases their CBDC architecture draft.</p>
 <p>As we know Bank of Israel tested Project Sela with HK Monetary Authority in 2023.</p>
 <p>Sela's the first CBDC project inspired by <a href="https://twitter.com/search?q=%24QNT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$QNT</a> Rosalind's use of APIs.</p>
 <p>It seems that Israel's made their choice for CBDC architecture.… <a href="https://t.co/giIMhcIaRN" rel="noopener noreferrer nofollow">pic.twitter.com/giIMhcIaRN</a></p>
 <p>— <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f956.png" alt="🥖" class="wp-smiley" style="height: 1em; max-height: 1em;">Tokenicer✲⥃⬢ (@Tokenicer) <a href="https://twitter.com/Tokenicer/status/1767440643549487439?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 12, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p data-block-id="e7183409-569a-4a37-b27d-1eaa9b7ab921" data-pm-slice="1 1 []"><a href="https://www.altcoinbuzz.io/?s=privacy" target="_blank" rel="noopener noreferrer nofollow">Privacy</a> is one of the biggest concerns for CBDCs globally. So, critics believe CBDCs could grant governments access to private details of users. The Bank of Israel addressed these concerns in its announcement. The CBDC’s design restricts the central bank from accessing personal data. Also, the central bank would have no access to the balances and transactions of consumers. This ensures and promotes privacy.</p>
<p data-block-id="ec386c1c-4892-45e0-a366-d4ca54c3dd90" data-pm-slice="1 1 []">The digital shekel’s ability to provide interest adds a new dimension to the CBDC market. It would enable banks to incorporate fiat shekel deposits into their short-term liquidity. However, without charging interest.</p>
<p data-block-id="d5e5f4a8-bc8d-4e79-b0fc-977f513d57b9">Interestingly, commercial banks in Israel have a 4.86% interest rate on such accounts. Additionally, Israel’s CBDC data format will enable the application of user-customized interest. It would also support holding restrictions.</p>
<h5><strong>Dutch Central Bank Fines Crypto.com</strong></h5>
<p data-block-id="8d1e3b5c-adf6-4f09-b8cd-7c7420ee897d" data-pm-slice="1 1 []">The Netherlands’ central bank, De Nederlandsche Bank (DNB), <a href="https://www.dnb.nl/en/sector-news/enforcement-measures-2024/fine-for-foris-dax-mt-limited-crypto-com-for-having-provided-crypto-services-without-the-required-registration-until-2-august-2023/" target="_blank" rel="noopener noreferrer nofollow">said</a> Crypto.com operated without licenses. The regulator fined the exchange 2.85 million euros ($3 million) for offering illegal services between May 21, 2020, and at least November 8, 2022.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a0.png" alt="⚠" class="wp-smiley" style="height: 1em; max-height: 1em;"> DUTCH CENTRAL BANK FINES <a href="https://t.co/poLSlM5fYY" rel="noopener noreferrer nofollow">https://t.co/poLSlM5fYY</a> FOR BREACHING RULES</p>
 <p>Full Story → <a href="https://t.co/iq5lSbbapy" rel="noopener noreferrer nofollow">https://t.co/iq5lSbbapy</a></p>
 <p>The Dutch central bank said on Wednesday it had fined virtual assets exchange <a href="https://t.co/NRRx72ctFT" rel="noopener noreferrer nofollow">https://t.co/NRRx72ctFT</a> 2.85 million euros ($3.11 million) for offering its services in…</p>
 <p>— PiQ (@PiQSuite) <a href="https://twitter.com/PiQSuite/status/1767869770559328307?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 13, 2024</a></p>
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<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p data-block-id="f0364892-8bed-4022-b764-fb736ea8c226">Dutch policies mandate crypto companies to register before providing their services. Companies that fail to comply face a possible fine of up to 2 million euros.</p>
<p data-block-id="067e71ab-fa2a-44a2-ad56-c145fccac7f1">Last year, <a href="https://www.altcoinbuzz.io/cryptocurrency-news/binances-airdrop-alliance-rewarding-bnb-chain-users/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> faced regulatory issues in the Netherlands. The exchange failed to secure a license from the country’s central bank.</p>
<p><iframe title="Expect These 3 Altcoins To Pump HARD in March 2024" width="696" height="392" src="https://www.youtube.com/embed/eODsRYnJUJU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p>
<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/israel-expands-on-plans-to-launch-a-cbdc/" rel="noopener noreferrer nofollow">Israel Expands on Plans to Launch a CBDC</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

Israel Expands on Plans to Launch a CBDC

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