CB of Israel has used Ethereum technology in tests with CBDC

by in Cryptocurrency News

Central Bank

Israel has adapted Ethereum blockchain technology for a pilot project to study the central bank's digital currency (CBDC).

Related: Israel announced the start of testing its token

During the experiment, the IT department of the Bank of Israel created digital wallets through which employees can transfer "virtual shekels" to each other.

No real money is applied at this stage and digital transfers are part of the tests.

"The use of Ethereum is carried out within a closed network and is in no way connected with the main currency network," the publication emphasized.

As part of the pilot, the central bank is studying the economic, business, legal, and technological aspects of issuing CBDCs.

Earlier, the regulator's experiments with the digital shekel were confirmed by the Deputy Governor of the Bank of Israel, Andrew Abir.