Ethereum Technology To Be Adopted By The Bank of Israel For Its Digital Shekel

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Ethereum Rising Gas Fee to be Address by the Launch of EY's Layer 2 Tools
Ethereum Rising Gas Fee to be Address by the Launch of EY's Layer 2 Tools

The Bank of Israel wants to adopt Ethereum technology for an internal trial operation of the digital shekel, the information was reported by Bloomberg.

The Bank of Israel to Release its Digital Currency 

The Bank of Israel plans to use the second-largest blockchain platform Ethereum for emitting a digital version of its currency shekel.

Ethereum was the first blockchain to host fully functioning computer programs known as smart contracts that allow users to create new cryptocurrencies.

The course quoted by Bloomberg has been followed up with no confirmation comments from the bank yet.

Other major countries at the moment are busy developing digital versions of their currencies – China is working on DCEP, Japan, South Korea, France and EU have also made public their intentions to launch CBDCs (central bank digital currencies).

Earlier, the Deputy Governor of the Bank of Israel has referred to Bitcoin as a “pyramid scam.”

Ethereum, have been following Bitcoin’s decline caused by the recent crackdown on Bitcoin miners and crypto trading platforms initiated by the Chinese government

Ethereum Is Back Above $2,000

Ethereum recaptures the $2,000 mark with a 3.93% increase in price

Both currencies dropped below these crucial support levels of $30,000 and $2,000 on Tuesday, along with the other major cryptocurrencies – BNB, ADA, XRP and the others.

Bitcoin hashrate suffered a massive decline due to miners having to close down in China or starting to move to friendlier jurisdictions, like Kazakhstan or Canada.