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Bank of Israel experiments with central bank digital currency smart contracts and privacy

Cryptocurrency Jun 21, 2022 06:00PM ET
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Bank of Israel experiments with central bank digital currency smart contracts and privacy

On Monday, the Bank of Israel released the results of a lab experiment that examined user privacy and the use of smart contracts in payments. This was the central bank’s first technological experiment with a central bank digital currency (CBDC).

The first stage of the experiment modeled the sale of a car within a two-tier system with an intermediary payment service provider. The bank said that the service provider completed Know Your Customer (KYC)/Anti-Money Laundering (AML) checks and provided the necessary blockchain addresses. A nonfungible token (NFT) was issued to show ownership of the car in the absence of a licensing authority to effect the transfer. A smart contract exchanged the seller’s NFT and the buyer’s money, with the seller retaining the right to cancel the transaction if the conditions on it, such as the price of the car, were not met.

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Bank of Israel experiments with central bank digital currency smart contracts and privacy
 

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