Israel's Central Bank Launches Digital Shekel Challenge to Explore Payment Use Cases

Israel's central bank has launched a Digital Shekel Challenge to explore payment use cases for its potential digital currency. Payment service providers will have access to the system to offer advanced payment options to the public, including micropayments, split payments, and payments requiring multiparty signatures. The Bank of Israel has built a technological prototype simulating the heart of the digital shekel system, and the challenge will allow stakeholders in the payments system to cooperate with the bank in designing the digital shekel. The challenge is inspired by the BIS Innovation Centre's Rosalind Project and will culminate in September with the announcement of results.