Following in the footsteps of Russia and Dubai, Israel is considering the proposal of the national cryptocurrency - digital shekel which corresponds to the value of physical shekels.
According to sources close to the Ministry of Finance, the black market of Israel is about 22 percent of the gross domestic product of the country. Digital currency that are registered by the government of Israel will make black market deals less possible.
In addition, according to the news source, the government is considering legislation that would significantly reduce the amount of physical cash in the economy. For example, one of the proposals the law on the prohibition of the payment of wages in cash.
However, the process of creating digital shekel is just beginning. The government has proposed a ‘bill for economic agreements," which, if adopted, will create a separate Commission for the Bank of Israel on the issue of digital shekels.
In addition to cash laws is a result of the refusal of the Knesset to adopt a law on the same level two years ago. Pressure on the adoption of digital currency is high, as recent comments by the Israeli Prime Minister.
Mon, Israel, based on the Blockchain app the wallet was part of the conversation with the Israeli government in respect of digital currency. Mark Smorgon, VP Blockchain cooperation