Like individuals, countries around the world have differing opinions about cryptocurrencies. Some are quick to adopt and support them, while trying to put in what they feel are necessary regulations. Other countries see cryptocurrencies as a threat and have tried to restrict them.
Israel, in another hopeful sign, sees cryptocurrency as a potential solution to problems with their existing monetary system. An Engadget article details a Bank of Israel initiative to issue a virtual currency. This is being done…
… in order to both build a “faster payments system” and reduce the amount of conventional cash circulating in the economy. Officials are reportedly ready to include the issue in the country’s 2019 budget so long as the bank approves.
If Israel went forward, the currency would unsurprisingly be kept on a tight leash. It’d be centralized, “safe” and honor financial rules. Don’t expect the country to simply adopt bitcoin and call it a day.
It’s easy to see why Israel might at least be tempted by cryptocurrency. As the technology relies on blockchain, where there’s a distributed ledger that can quickly verify transactions, you could see payments fully authorized and completed within minutes no matter when they’re processed.
It’s notable that Israel is even mulling the option. It’s looking at cryptocurrency as a practical solution to an economic problem, rather than an experiment or something to be shunned.
What do you think? Will other countries will follow their lead and modernize the worldwide financial system?
To read more, see www.engadget.com