By The Counter Signal

The Bank of Israel has released a document on how to manufacture acceptance of Central Bank Digital Currencies (CBDCs).

The blueprint lays out how a digital shekel could be legitimized by a “network effect.”

The State of Israel would have to offer tax refunds, benefits, and wages in the digital currency, as well as accept payments of fines, fees, and taxes.

According to the Bank of Israel, state endorsement of the currency would create a ripple effect that encourages citizens and businesses to adopt the digital shekel.

“Like many other central banks, the Bank of Israel is in the process of building a work plan so that it can be prepared to issue central bank digital currency (CBDC) should it be decided to do so,” the press release states.

It adds, “A digital shekel would have the potential to become an important means of payment in the Israeli economy, but in order for that to happen, it is necessary to create a broad user base.”