Pass it forward

Exterior of the central bank of Israel located in Kiryat HaLeom also known as Kiryat HaUma which was traditionally considered to be the north of the Givat Ram vicinity ., Western Jerusalem. Israel

Image: Eddie Gerald/ Gettyimages

Israel might be launching its own private Bitcoin in a few years.

The Bank of Israel is looking to issue a digital currency to create a faster fees arrangement as well as reduce the country’s reliance on money, according to an anonymous source that spoke to Reuters. Nonetheless, the project has not been finalized yet.

If the central bank opens the project a green light, the country’s government is ready to include it in its 2019 fund.

This national cryptocurrency would be very different from Bitcoin, nonetheless. Reuters’ source claims it would be centralized, safe and is in keeping with Israel’s money laundering guidelines. Bitcoin, in differ, is decentralized and anonymous.

Jerusalem Post has a tiny bit more detail on how this national cryptocurrency could labor. “You can imagine that instead of giving you a piece of paper saying the Bank of Israel on it, I can send you a piece of digital code that was issued by a central bank, ” a source told the channel.

While Israel might be interested in cryptocurrencies, it’s not extremely benign towards the coin that started the crypto-craze — Bitcoin. Yesterday, CNBC reported that Israel is looking to ban businesses based on Bitcoin and other cryptocurrencies from trading on the Tel Aviv Stock Exchange.

Israel is not the first country that’s investigating the possibility of setting up propelling a cryptocurrency or abusing blockchain engineering in some way. In August, Estonia announced it’s initiatives to start its own Cryptocoin, called Estcoin, through an ICO( initial coin offering ), and China and Singapore have been testing their own digital currency methods for a while now.