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The Israeli Ministry of Finance in cooperation with the local blockchain firm Fireblocks, American software developer VMWare and the Tel Aviv Stock Exchange is going to digitize government bonds on a blockchain platform, TheMarker reports.
As part of the so-called "Eden" project, the country wants to pilot trading with digital bonds among financial institutions and see how their turnover can be done using digital currencies.
The Accountant General of the State of Israel at the Finance Ministry, Yali Rothenberg, says that blockchain-based technologies over time will "permeate the core of the financial markets, thoroughly and deeply altering them." He added:
"It is our duty to constantly examine new technologies and methodologies."
Although the group of banks, which pilots the solution remains undisclosed, it is expected that the project to be completed by the end of Q1, 2023.
In March, Bank Leumi, Israel's largest bank, announced its plans to offer cryptocurrency trading through its digital platform Pepper Invest. The bank's fintech arm will conduct transactions in a partnership with US blockchain firm Paxos.
Initially, Pepper Invest will allow clients to buy, hold and sell bitcoin (EXANTE: Bitcoin) and ether worth at least ~$15.5. No launch date was revealed as the arm is pending regulatory approval.
