Bank of Israel considers using the virtual currency

Bank of israel
The Bank of Israel is considering using the virtual currency as a way to make the payment system faster and also reduce the amount of banknotes in circulation. However, he stressed that no decision has been made regarding this matter.

The unnamed source said the government was also ready to legalize digital currency as a payment system or use digital money in its 2019 budget plan and economic package if the central bank agrees.

The emergence of bitcoin and other virtual currencies makes economists predict the technology could be used by a country with a central bank as a provider.

If the Israeli central bank introduces the digital currency, it will be safe and comply with money laundering regulations, in contrast to bitcoins or other virtual currencies, which have no strict regulation and the value usually changes rapidly.

"The central banks in the world are thinking about this (the use of digital currency) so we will also do that," said the informant. Unfortunately, the Bank of Israel declined to comment. 

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