A digital shekel is going to be Israel’s official cryptocurrency. It will be aimed at reducing the risk of black market transactions, which is about 22% of the whole market in Israel.
Also, the government will legislate significant reduction of the amount of physical cash in the economy. According to the sources close to the Finance Ministry, there could be a law against paying wages in cash.
“The Israeli regulators have been looking into digital currencies for a while, we were even part of this conversation. If this initiative becomes a reality, Colu will be happy to collaborate…as we believe digital currencies are the future of money,” – said Mark Smargon, VP of Blockchain.