Ethereum (ETH) continues to score over Ripple (XRP) as Bank of Israel uses ETH for digital shekel trial

Karthik Subramanian

It is reported that Ethereum (ETH) is being used for the trial of a digital Shekel by the Bank of Israel. This was confirmed by a spokesman of the bank.

It is reported that the IT department of the bank has set up digital wallets for members and users who are involved in the trial and have been transferring equivalents of the digital shekels across wallets to try out and see how it works and to study the reliability as well.

These tokens that are said to be equivalent to digital shekels are not on the mainnet as yet and so far, no real money is being involved in the trial. It is believed that all this testing is carried out on the testnet within the network of the Bank of Israel.

The race is well and truly on between the central banks to introduce digital currencies and the race is among the various blockchains as well, as Ethereum (ETH), Ripple (XRP) and others compete for this lucrative business. They realize the importance of being adopted for such central bank digital currencies and each of them has competing technologies to enable the CBDCs which puts them in direct competition with each other to convince the banks to use their technology.

The blockchain networks that are used when the banks introduce the digital currencies would get a huge boost and would be remembered well into the future as well. This is why we are seeing stiff competition between blockchains like Ethereum (ETH) and Ripple (XRP) in this space.

The current technology that is being tried out by the Bank of Israel is also reportedly being tried out by the central banks of Hong Kong, Thailand, and Australia as well. It is also believed that China is also well on its way to launch its own digital currency and the decks are being cleared for the same, with the authorities there cracking down on mining and other similar activity over the last couple of months.

Ripple (XRP) continues its struggle with the SEC in the US and the regulators there do not seem to be in any hurry to introduce digital currencies shortly. Recently, we had reported that the Swiss and the French central banks were carrying out trials for CBDCs though the technology involved has not been confirmed whether it is Ethereum (ETH) or Ripple (XRP). These are indeed exciting times for the crypto markets as we are seeing growth and innovation in several sectors within the crypto domain and it is indeed only a matter of time before a central bank introduces a digital currency which will then become a reference point for other banks to use ETH or XRP or others for theirs.

 

Read this next

Executive Moves

Finalto recruits Antony Parsons as head of liquidity

Finalto, the financial trading division of Gopher Investments, is making a broader push into the liquidity provision space, culminating in a new appointment focused on expanding the business into new markets.

Digital Assets

Huobi introduces Tether’s stablecoins pegged to euro, gold

Huobi, the world’s sixth-largest crypto exchange by trading volume, is set to introduce for its clients two stablecoins representing ownership of physical gold and Euro-pegged tokens.

Retail FX

Saxo Bank reports lackluster volumes for November; FX up 40% YoY

FX trading volumes through Saxo Bank’s platforms improved slightly in November, extending its volatile curve as investors continued to weigh central banks’ policy against concerns over a global economic slowdown.

Executive Moves

CMC Markets taps Finalto’s Julia Free to head UK compliance

CMC Markets PLC (LSE:CMCX) has onboarded Julia Free as its newest head of UK compliance as part of a broader organizational reshuffling at the UK’s biggest spread better.

Digital Assets

Ankr successfully patches hack, will reimburse victims and take actions to prevent further attacks

DeFi protocol Ankr plans to reimburse its affected users after a hacker managed to exploit a bug in its code that allowed for unlimited minting of its liquid staking token.

Industry News

ASIC cancels/suspends AFS license of AFSL Group and Quantum Funds Management

ASIC canceled the AFS license of AFSL Group because it failed to lodge statements and audit reports and it did not maintain AFCA membership. The Australian regulator suspended Quantum because it does not have the required professional indemnity insurance coverage.

Executive Moves

BidX Markets hires Shaun French as Research Analyst – Multi Asset

“We believe with his background in the Financial Markets and being based in Dubai, he will be able to provide our clients with access to outstanding research, while also being in a great location to help support our international clients base which is growing at a rapid pace’’.

Institutional FX

Nasdaq migrates US options exchange to AWS with +10% performance in round-trip latency

Nasdaq has announced the successful migration of the core trading system of Nasdaq MRX – one of its six U.S. options exchanges – to Amazon Web Services (AWS).

Institutional FX

TraditionData launches oil swaps pricing data at a critical time in OTC oil traded markets

TraditionDATA has announced the release of a new proprietary Oil Swap Model (OSM) which brings further visibility into illiquid and opaque oil markets.

<