Caixin
Jun 17, 2022 05:23 AM
FINANCE

Israel and Hong Kong Team Up to Test Digital Currency Cyber Risk

Israel is coming around to explore the idea of a CBDC after shelving its initial effort in 2018
Israel is coming around to explore the idea of a CBDC after shelving its initial effort in 2018

(Bloomberg) — The Bank of Israel is working with the Hong Kong Monetary Authority on testing a new digital currency, including against cyber security risks, the Bank of Israel said.

The joint project, which will start in the third quarter, will use a two-tier central bank digital currency (CBDC), it said in a statement. It will be issued by the central bank and distributed by financial intermediaries like banks.

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