In Israel, Ethereum blockchain technology was adapted for a pilot project to study a central bank digital currency (CBDC), according to Globes.
During the experiment the Bank of Israel’s IT division created digital wallets through which staff can transfer to each other \”virtual shekels\”.
At this stage no real money is used, and the digital transfers are part of the tests.
\”The use of Ethereum is carried out within a closed network and is in no way connected to the main currency network,\” the publication noted.
As part of the pilot, the central bank studies the economic, business, legal and technological aspects of issuing CBDC.
Earlier, Deputy Governor Andrew Abir confirmed the regulator’s experiments with the digital shekel.
Earlier BIS experts described CBDC as a concept whose time has come.
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