Given nonfungible tokens’ (NFT) ability to digitally represent a wide set of assets, the underlying technology has found itself with numerous use cases including property and digital collectibles. One of its newest use cases comes from Israel, where the government has decided to welcome President-elect Isaac Herzog with an NFT oath. The NFT is a digital representation of the oath signed by his father and the country’s sixth president, Chaim Herzog. According to local news agency Ynet, Knesset speaker Mickey Levy presented the NFT to the Israeli president-elect. Levy said, “In addition to the digital file, we have also given …

Crypto-friendly trading platform eToro is expecting regulators to ratchet up their oversight of the crypto industry, given the increasingly high levels of participation by retail traders and smaller investors. In comments for the Financial Times, eToro CEO Yoni Assia said: “We are seeing a significant increase in the interest of retail investors and traders in the crypto market. As a part of that growth we should expect also regulators to carefully look at this growing business of retail investors in the crypto markets.” At the start of this year, eToro had itself struggled to keep up with “unprecedented” demand from …

Palestinian Monetary Authority (PMA) Governor Feras Milhem has revealed that the proto-central bank — which does not issue a domestic currency and operates under highly restrictive political and economic conditions — is exploring the idea of issuing a Palestinian digital currency. Raja Khalidi, director of the Palestine Economic Policy Research Institute, told Bloomberg that “the macroeconomic conditions don’t exist to allow a Palestinian currency — digital or otherwise — to exist as a means of exchange.” Khalidi argued, however, that the PMA’s issuance of some form of digital currency may “send a political signal to show apparent appearance of monetary …

Israel’s central bank has allegedly completed a pilot — under the radar — for a central bank digital currency (CBDC) using Ethereum’s technology. The claim was made by the Israeli financial news site Globes and later reported by BNN Bloomberg. Globes’ sources for its claims are undisclosed: The report alleged that the Bank of Israel (BOI) completed its pilot in an experimental, closed environment based on Ethereum’s architecture, involving the trial issuance of tokens representing digital shekels and their transfer amon digital wallets. Globes also claimed that as part of its pilot, the BOI successfully tested its ability to program …

The Bank of Israel has reportedly already issued a central bank digital currency through a pilot test of a digital shekel. According to a Monday report from the Jerusalem Post, Bank of Israel deputy governor, Andrew Abir, said the financial institution had started to conduct a pilot program for a digital shekel. Speaking at a conference of the Fair Value Forum of IDC Herzliya, Abir added that he was not optimistic about the bank issuing a central bank digital currency, or CBDC, despite the fact he confirmed a pilot test was underway. “I had previously estimated that the chance of …

The Bank of Israel is accelerating its research for the potential issuance of a central bank digital currency, or CBDC. In a statement from the central bank on Tuesday, the Bank of Israel said it was preparing an action plan to explore the benefits of a digital shekel to the economy. Though the bank said it had not yet decided whether to issue a central bank digital currency, it added it would be prepared to do so should the benefits “outweigh the costs and potential risks.” The central bank said it may consider issuing a CBDC if it could meet …

Cryptocurrency startup Fireblocks has raised $133 million in a Series C funding round. The investment round was led by venture capital firms Coatue, Ribbit and Stripes, with strategic investment from BNY Mellon and Silicon Valley Bank. Michael Shaulov, CEO of Fireblocks, said the cash injection will allow the company to expand the settlement infrastructure needed to onboard new customers as crypto adoption heats up: “While we have no plans to become a bank, we believe our infrastructure will lend itself perfectly to power an entirely new era of financial services.” Regarding his firm’s investment in Fireblocks, Micky Malka of Ribbit …

Payments giant PayPal has acquired Israel-based digital asset security firm Curv for an undisclosed amount. According to PayPal, the firm purchased Curv as part of its initiative to support cryptocurrencies and digital assets. The platform said it plans to complete the acquisition before the third quarter of 2021, but did not disclose the purchase amount. Israel-based media outlet Calcalist said last week that Curv may have sold for between $200 million and $300 million, with CNBC reporting on Monday that “The deal is worth less than $200 million.” "The acquisition of Curv is part of our effort to invest in …

An Israeli start-up that aims to establish a digital securities exchange in the country based on digital ledger technology has received its first, encouraging go-ahead from the Israel Securities Authority. In an application letter filed with the regulator on Sunday, Simetria sought the ISA's approval to operate a digital bulletin board as a preliminary step in its roadmap for the eventual launch of its digital exchange. The letter noted the increasing integration of DLT technology into market infrastructures globally and the evolution of legislative frameworks to accommodate this innovation. In the case of Israel, the Memorandum of Securities Law published …

One of Israel’s largest banks, Bank Hapoalim, has joined a blockchain-based platform recently released by IT firm Tata Consultancy Services, or TCS. TCS’ platform, dubbed Digital Bank Guarantee, is based on the Quartz blockchain and targets the digital banking industry in Israel. The new tool will supposedly help banks more effectively manage the lifecycle of bank guarantees including issuance, modification, termination and invocation. Bank guarantees are a financial safeguard offered by banks, in which a lender ensures the obligations of a debtor are met. If a debtor fails to settle a loan, the bank will cover the cost. The solution …

The COVID-19 pandemic has served both as an x-ray onto existing vulnerabilities in the global financial system, and as an accelerator for destabilizing tendencies, including higher sovereign and consumer debt in emerging markets. At an online meeting of the Central Bank Governors' Club, hosted this week by Bank of Russia Governor Elvira Nabiullina, representatives were unanimous in their expectations of the far-reaching consequences of the current crisis. At the meeting, the 26 central bank representatives that convened from Central Asia, the Black Sea region, the Balkan countries and beyond, also noted the pandemic-induced expansion of e-commerce, as well as digital …

Hackers compromised Telegram messenger and email accounts of multiple cryptocurrency executives last month by exploiting a vulnerability in a decades-old protocol. The fraudsters are believed to have been trying to intercept two-factor authentication codes of victims in an attack on Israel-based telecommunications provider Partner Communications Company, formerly known as Orange Israel. The attacks are currently being investigated by Israel’s National Cyber Security Authority and national intelligence agency Mossad. According to cybersecurity publication Bleeping Computer, the devices of at least 20 Partner Communications Company subscribers were compromised. Israel-based cybersecurity firm Pandora Security’s analysis of the event suggests the devices were likely …