Cryptocurrency

Israel moves to avail government bonds via blockchain

Zegex

Every report From October 19th The Israeli Ministry of Finance has partnered with VMware to fire block We will run a proof of concept for the issuance of government bonds via the blockchain to reduce costs and shorten the period of bond issuance and settlement.

Additionally, the project aims to increase transparency, streamline processes and reduce risk.

project eden

The new project has been named “Eden” by the government. As revealed, Account General set up the project through the Debt Unit of the Treasury Department and the Tel Aviv Stock Exchange.

Notably, the proof-of-concept project will incorporate the digitization of a new set of bonds and payments to system participants. Prior to issuing bonds, major international and domestic banks are required to participate in a “live test”.

During the testing process, each bank will receive a series of tokenized government bonds in their wallet via the project platform. Banks are then expected to transfer the received digital currency to an Israeli government wallet address.

Ittai Ben-Zeev, CEO of the Tel Aviv Stock Exchange (TASE) said:

โ€œFinancial markets have undergone dramatic changes in recent years, with the introduction of innovative technologies impacting how clients operate and invest around the world.โ€

Additionally, according to the development, Israel’s CPA has confirmed that the country is currently leading with TASE in issuing government bonds using blockchain technology. Along with this Israel Explore new possibilities for issuing and managing government debt in a safe and controlled environment.

Fireblocks CEO Michael Shausov expressed pleasure in working with Israel’s Ministry of Finance, TASE and VMware, saying that digitizing the financial system requires public-private cooperation.

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