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Bank of Israel has launched “Digital Shekel Challenge” to develop CBDC payment solutions. Participants of the challenge will access a prototype system to create innovative digital shekel uses. Bank of Israel is scheduled to hold a webinar on June 9 for details. In a significant move towards digital currency adoption, the Bank of Israel (BoI) has announced the launch of the “Digital Shekel Challenge.” The initiative aims to develop innovative payment solutions using the digital shekel, Israel’s proposed central bank digital currency (CBDC), first reported in 2021. Inspired by the “Rosalind Project” from the BIS Innovation Center, the challenge marks a major step in the BoI’s action plan for potentially issuing the digital shekel. What is the Digital Shekel Challenge? The Digital Shekel Challenge is designed to invite participation from a wide array of entities, including private companies, public institutions,...

Author: Cynic, CGV Research Why not turn to Ethereum, and instead have to start over on Bitcoin? Because this is Bitcoin. Bitcoin, as the first successful decentralized digital currency, has been at the core of the cryptocurrency field since its inception in 2009. As an innovative payment method and store of value, Bitcoin has sparked widespread global interest in cryptocurrencies and blockchain technology. However, as the Bitcoin ecosystem continues to mature and expand, it also faces various challenges, including transaction speed, scalability, security, and regulatory issues. Recently, the inscription ecosystem led by BRC20 has set off the market, with multiple inscriptions achieving over a hundredfold increase, severe congestion in Bitcoin on-chain transactions, and an average Gas price exceeding 300 sat/vB. At the same time, the airdrop of Nostr Assets further attracted market attention, and protocol design whitepapers such as BitVM and BitStream were proposed. The Bitcoin ecosyst...

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The IMF's Kristalina Georgieva said wholesale CBDCs, on the other hand, have “fairly little space for undesirable surprises.” A myriad of unforeseeable “consequences” will be brought about by retail central bank digital currencies (CBDCs), the managing director of the International Monetary Fund (IMF) claimed. The IMF's Kristalina Georgieva erred on the side of caution regarding retail CBDCs in a May 1 interview at the Milken Institute’s 2023 Global Conference. Georgieva explained the IMF considers retail CBDCs to have far more room for error than wholesale CBDCs. “We think that wholesale CBDCs can be put in place with fairly little space for undesirable surprises, whereas retail CBDCs completely transform the financial system in a way that we don’t quite know what consequences it could bring.” Retail CBDCs are state-backed virtual currencies issued by central Banks for use by consumers and businesses. Wholesale CBDCs are similarly central bank-issued but are designed to allow...