Following in the footsteps of Russia and Dubai, Israel is considering offering a national cryptocurrency - a digital shekel - which would correspond in value to physical shekels.
According to the sources close to the Finance Ministry, Israel’s black market is approximately 22 percent of the country’s gross domestic product. A digital currency, registered with the government of Israel, would make black market transactions less possible.
Additionally, per the news source, the government is considering legislation that would substantially reduce the amount of physical cash in the economy. For example, one suggestion would be a law against paying wages in cash.
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