Israel could soon be offering its own digital currency

The crypto industry is definitely here to stay. More and more people are realizing that a cashless society is the way of the future. Even though some governments are set against the disruptive nature of crypto, others are hoping to capitalize on it in their own way.

Israel has become the latest country to consider launching a state-owned digital currency. Sources close to the Financial Ministry has revealed that the country’s black market accounts for at least 22% of Israel’s GDP. Their hope is that a state-registered crypto would greatly decrease this number.

In addition, the country has plans to limit its cash circulation. Dealing in physical capsh could pave the way for money laundering schemes and tax evasion. A new possible legislation could detail a law that prohibits paying workers’ wages in cash. Israel’s Knesset, which is the country’s legislative committee, had tried to pass similar legislation two years ago, but was unsuccessful.

However, pressure is mounting for the country to launch its digital shekel soon, which would be on a one-to-one ratio with the physical shekel. Crypto adoption and interest is at an all-time high, something that the country’s Prime Minister, Benjamin Netanyahu, is well aware of.
https://bitconnect.co/bitcoin-news/889/israel-could-soon-be-offering-its-own-digital-currency/