Israel Ministry of Finance And The Tel Aviv Stock Exchange To Test Digital State Bonds

The Office of the Accountant General of the Israeli Ministry of Finance and the Tel Aviv Stock Exchange (TASE) is planning to experiment with digital state bonds.

According to a statement issued on Wednesday, the two have formed a cooperative team to test the clearing of the bonds on a new blockchain technology-backed platform for digital trading assets.

The trial will look at how blockchain technology may be used to expedite operations, cut costs, decrease the time it takes to issue and clear state bonds, increase transparency, and manage risks.

TASE said in a statement:

“The current project kicks off the journey into this new world, allowing a first and important foothold that will serve as the foundation for the upgrading of other traditional mechanisms down the road.”

The study will be assisted by Israeli startup and blockchain infrastructure business Fireblocks, as well as multi-cloud service provider VMware. The latter’s blockchain technology was employed earlier this year in the Bank of Israel’s pilot issue of a digital shekel.

TASE and the Ministry of Finance stated that they have been monitoring recent developments in the financial markets involving distributed ledger technology, the tokenization of various types of assets, and the various tests conducted by financial institutions and central banks around the world regarding the issuance of Central Bank Digital Currency, or CBDC.

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Harold

CoinCu News