Israel can add to the list of countries which are seriously considering the establishment of a national cryptocurrency.
In order to significantly reduce the amount of cash in the economy and in the struggle with the shadow sector of economy, the Ministry of Finance of Israel is considering creating a national cryptocurrency — cryptoschemes.
However, cryptoseal will not be a full-fledged cryptocurrency. It is an electronic alternative to the national currency and an equivalent value. It will have a centralized Issuer, which will monitor the issue and circulation of new electronic currency. Probably, it will be the country’s Central Bank. The transaction will be carried out directly, without intermediaries.
After consultation between representatives of the Israeli bitcoin wallet app Colu with representatives of the government, Vice-President of the Blockchain Colu mark Smargon said:
«Israeli regulators some time to deal with cryptocurrencies, we even were part of the process. If this initiative becomes a reality, Colu will be glad to cooperate … because we believe that cryptocurrency is the future of money».
At the moment the government proposed «bill on economic mechanisms». If the bill is adopted, the Bank of Israel will set up a special Department to deal with the issue of creating a new cryptocurrency.