Bank of Israel: High Probability of CBDC Public Adoption
New biased research showing "high public interest to adopt CBDC" in Israel
The BOI (Bank of Israel) continues setting the ground for CBDC and its normalization & marketing campaign to the public, with a new research showing "high public interest to adopt CBDC". The new research report named "The Israeli public's willingness to adopt the Digital Shekel", surveyed about 1000 people in 2024.
Key findings (from the Bank of Israel's press release):
Over half of the respondents (51.57%) showed high interest in using CBDC: 34% expressed very high interest, and 17% showed moderate-to-high interest. This suggests a strong likelihood of public adoption in Israel.
The study examined which CBDC features could drive usage. The most notable advantages cited in open-ended responses were related to ease of use. Other key benefits included fraud protection, system error safeguards, backing from the Bank of Israel, and its innovative nature. On the other hand, the main concerns were cybersecurity risks, usability challenges, and accessibility issues for certain populations. Unlike findings in some other countries, privacy concerns were not a dominant issue.
Participants were presented with various potential CBDC features, some of which are innovative and not found in current payment methods. The study also analyzed personal factors influencing willingness to adopt CBDC. Interest was higher among men than women and increased with age and income. Education level was not a significant factor. The ultra-Orthodox sector showed lower interest, while secular respondents exhibited the highest interest. Other significant predictors of interest included high financial and digital literacy, technological self-image, ownership of cryptocurrencies, and risk tolerance. Trust in the Bank of Israel also contributed to higher interest.
Most findings align with studies conducted by other central banks. However, two key differences emerged: Privacy Concerns – In Israel, privacy was of relatively low importance, whereas it was a central concern in some international studies. Age Factor – In Israel, willingness to adopt CBDC increased with age, particularly over 40, whereas in other studies, younger populations showed greater adoption interest.
My takes:
How convenient... the Israeli public is largely uninformed and unaware of CBDC risks and dangers, let alone understands what Fiat money is.
The Bank of Israel will probably make use of this highly biased & selective research to base their future marketing & PR efforts to sell this to the uninformed public.
The research tested which CBDC features will encourage public adoption, and findings will be used to guide future development.
My prediction is that Israel is much more likely to follow the EU & ECB and launch CBDC soon, rather than follow the US. That said, a new Israeli regulated stablecoin is in the making "BILS" - pegged 1:1 to the Shekel; this development follows the US recent sentiment of Trump's/Sacks administration.
I’ll keep watching this space!
►Relevant CBDC related articles:
Follow me:
Twitter | Telegram | YouTube | Instagram | My podcast | All other links
►New: Watch “New Totalitarian Order”
With Prof. Mattias Desmet - Full 3 hours conference + bonus content!
Sponsors:
►► Get your TREZOR wallet & accessories, with a 5% discount, using my code at checkout (get my discount code from the latest episode - yep, you’ll have to watch it)
Join me on these upcoming events:
March 2025 - Bitcoin Alive
May 2025 - Bitcoin Vegas - code EFRAT for 10% off
June 2025 - BTC Prague - code EFRAT for 10% off
Special offers:
►► Watch “New Totalitarian Order” conference with Prof. Mattias Desmet & Efrat!
►► Enjoy the Little HODLer products - code EFRAT for 10% off
►► 10% off on all books & accessories at the “Bitcoin Infinity Store” - use code EFRAT
— Support my work —
The best way to support me is by becoming a paying subscriber.
You can also “buy me a coffee” for a 1-time support, or with Bitcoin here.
Thank you!