The new initiative, 'Digital Shekel Challenge,' aims to create an advanced digital payments ecosystem by involving various sectors in a competitive sandbox environment.
The Bank of Israel launched the CBDC experiment taking inspiration from the Project Rosalind carried out by the BIS Innovation Hub.
“As part of the action plan for the possible issuance of the digital shekel, the Bank of Israel is planning the “Digital Shekel Challenge” — an experiment inspired by the"Project Rosalind" carried out by the BIS Innovation Hub.” Speaking to Cointelegraph, Shauli Rejwan, managing partner at Masterkey Venture Capital, a Tel Aviv-based venture capital firm, explained the initiative in detail.
Israel invited entities from the private, public and academic sectors to participate in the experiment. The central bank added:
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