# Israels Central Bank Investigating Digital Shekel, Featuring Cross-Platform and Offline Transaction Abilities
The Bank of Israel is thoroughly examining the potential for a digital shekel, envisioning a framework that functions across various networks and even without an internet connection.
The central bank is guaranteeing a degree of confidentiality that “will surpass existing digital payment systems.”
The digital shekel is being crafted with inclusivity as a priority. According to the Bank of Israel, this government-backed currency “will be accessible to all citizens, encompassing all kinds of enterprises, minors, financial organizations, public bodies, and non-residents (including visitors).” Toncoin (TON) Value Forecast for March 26th
Although the Bank of Israel has issued an initial design concept, the actual deployment is contingent upon additional discussions with the government.
Enterprises might experience reduced payment expenses compared to current choices, although the specifics of charges remain uncertain. The central bank is emphasizing extremely rapid transactions and offline capabilities.
“The degree of privacy in the digital shekel will exceed current digital payment methods, and similar to physical currency, it will also provide the possibility of anonymous transactions up to a certain threshold.” – Bank of Israel
“Like physical currency, it will serve as a universal method of payment – anyone can accept funds from anyone, and anyone can remit funds to anyone, yet with the benefits and ease of digital payment systems.” – Bank of Israel
The digital shekel could also integrate seamlessly with other systems, enabling users to “receive or execute digital shekel transactions even if the other participant in the transaction does not utilize digital shekels.”
The Bank of Israel’s recent report presents an “ideal” design for the digital shekel, but its execution relies on cooperation with industry stakeholders and legislators.
The Bank of Israel is still mulling over the possibility of introducing a digital shekel. The bank declared that if the advantages of a digital shekel surpass the dangers, they will be “prepared” to execute the appropriate “course of action.”
The Bank of Israel has been keeping tabs on digital currencies since 2017, investigating the possible advantages and difficulties of issuing a central bank digital currency (CBDC). In the initial phases, they concentrated on worldwide digital currency patterns, the technologies that underpin them, and their possible effect on monetary policy and financial soundness. In 2021, the Bank of Israel formed a working group to further investigate and develop the digital shekel.
