A working group under the Bank of Israel has released a report on whether a national digital currency should be issued. The group, which was established in November last year, said in its report that the technology has several potential advantages, but suggested that the central bank should not take immediate action and should wait for feedback from other institutions around the world.
The Pros and Cons of National Cryptocurrencies
The 40-page document focuses on the advantages of issuing "electronic shekels" from the perspective of Israeli banks. One of the advantages is that if the usage of physical cash drops significantly in the future, national cryptocurrencies can improve the liquidity of the currency. And another advantage is that a national cryptocurrency can support the country’s payment system and make it more efficient. Furthermore, the team found that, "if favorable," the e-shekel could become a monetary tool in the hands of central banks.
The report also suggested that issuing electronic shekels could help combat the "shadow economy," meaning it would make it harder for people to conduct unreported financial transactions. By contrast, one of the few shortcomings identified by the report's authors was the fear that the public would see the move as nothing more than an attempt by "Big Brother" to continually spy on Israeli citizens.
Other issues the team found was that some people might not be able to learn to use digital tokens because of technical issues. They also said a technical glitch in the e-shekel could damage the central bank's reputation.
Awaiting feedback from major countries
Unlike Israel's dynamic, fast-growing, tech-focused private sector, the country's public institutions are extremely conservative and often reluctant to adopt new technologies. With this in mind, the wait-and-see attitude of Israeli banks towards digital currencies is not surprising, despite the many potential advantages of issuing digital currencies identified in the report.
"Central banks in advanced economies have yet to issue widely used digital currencies," the group concluded, acknowledging that many such institutions around the world have already looked into this possibility. This makes it clear that Israeli central bank officials will not take a step forward until another leading institution such as the US Federal Reserve or the European Central Bank issues a token first.
That possibility is not entirely zero, though, as the group will also continue to monitor developments in the field, "especially the movements of other central banks." They plan to report their findings on the matter to Bank of Israel management semi-annually. The group also recommended discussing the issue with international agencies such as the Bank for International Settlements, the Organisation for Economic Co-operation and Development and the International Monetary Fund.
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