Israel The General Accounting Office of the Ministry of Finance and the Tel Aviv Stock Exchange (TASE) are preparing to test the use of digital government bonds.
Israeli Ministry of Finance to Test Use of Digital Government Bonds
According to a statement made today, the two institutions have formed a joint team to pilot the exchange of bonds on a new blockchain technology-powered platform for trading digital assets.
The test will examine how blockchain technology can streamline processes, reduce costs, shorten the issuance and clearing time of government bonds, increase transparency, and reduce risks.
Israeli Startup and Blockchain infrastructure company fireblocks and multi-cloud service provider VMware This will help work.
Fireblocks’ Blockchain technology was used in the Israel Central Bank’s trial issuance of the digital Shekel (Israeli currency) earlier this year.
TASE and the Ministry of Finance announced that they have been monitoring the work of distributed ledger technology and tokenization of different types of assets in financial markets in recent years.
He also said that they are closely following developments in various tests conducted by financial institutions and central banks around the world regarding the issuance of the Digital Currency, or CBDC.
“The current project will start the journey to this new world and will provide an initial and important pillar that will form the basis for the upgrading of other traditional mechanisms in the future,” TASE said in a statement.
At the G20 meeting held last July, the use of digital currencies for cross-border payments was on the agenda.
*Not investment advice.
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