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Bank Of Israel Says CBDCs Won’t Materially Affect The Banking System

Stefan by Stefan
05/03/2022
in Altcoin News
Reading Time: 2 mins read
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The Central Bank of Israel says CBDCs won’t really affect the banking system materially but it warned that the issuance of such currency will result in a decline of the volume for the public deposits so let’s find out more in today’s latest altcoin news.

The Bank of Israel said that the analysis made suggests the digital shekel’s impact on the banking stability is showing that the expected effect is not as significant as previously believed. The bank’s analysis noted that the drop in volume of the public deposits held in banks after the issuance of the digital shekel will lead to some increase in the banking systems interest expenses and the same could lead to an erosion of the banking system’s net profit.

While the central bank said it hasn’t made a decision yet to issue the central bank digital currency, the BOI revealed that it is building an action plan for its potential issuance. The statement also made references to a paper that was published by the BOI’s steering committee where it examined the motivations of launching a CBDC or SHAKED, as well as the consequences of such digital currency on financial intermediation.

British Government Starts, cbdc, millicent

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In the meantime, the BOI statement discussed some of the main findings from the committee’s paper and it noted that transferring a certain volume of money from the public deposits to a CBDC, will have certain effects on the balance sheet of the banking system as well as on the Bank of Israel. The system’s balance sheet will contract because of the drop in public deposits on the liabilities side and in the deposits at the bank of Israel on the assets side.

The bank also added that in an event of the banking system trying to maintain the credit portfolio to the public at levels before the CBDC launch, the development will erode banks and liquidity rations to a certain extent.
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Besides looking at the impact that the CBDC can have on the banking system and the economy, the BOI said it will examine other issues which can arise with an issuance of a digital shekel. The central bank also reiterated that it has not made a decision to issue such a project just yet.

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Tags: bank of israelbanking systemBOIcbdcCBDC shekelcentral bank of israeldigital shekel
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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