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Israel further restricts cash – next step CBDC?



 Israel wants to further digitize its monetary system and is tightening the thumbscrews for the use of cash. According to a statement from the national tax authority (ITA), new maximum limits for the use of cash have been in force since August 1st. Businesses are now only allowed to make cash transactions of 6,000 shekels (US$1,760). For individuals, the threshold is slightly higher at 15,000 shekels ($4,400).


There are exceptions for charities, religious institutions and Palestinians from the West Bank.


In addition, further measures are to come in the future, such as banning the domestic storage of large sums of cash of over 200,000 shekels (58,660 US dollars).


The tightening follows a law that has been in force since January 2019. Israel intends to take stronger action against financial crime. In the past, Israeli authorities have repeatedly confiscated crypto accounts suspected of financing terrorism. An ITA employee told the US news agency Media Line:


The aim is to limit the circulation of cash in the market, mainly because criminal organizations usually depend on it. Restricting its use makes it significantly more difficult to carry out criminal activities.


However, critics complain that the amount of cash in circulation in Israel has increased since the law came into force.


Israel is working on CBDC and crypto regulation

Meanwhile, the new law is in line with the plans of the Bank of Israel (BOI). The central bank has been working on its own CBDC for a long time. In May, a first concept of what a “digital shekel” could look like was revealed. A first small-scale field test followed in June. 


In neighboring Palestine, the national monetary authority is also working on a digital central bank currency . However, the fragile political and economic situation leaves room for scepticism.


At the same time, Israel is working flat out on a regulatory framework for crypto assets. When you can expect an implementation remains open.

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