Former Israeli President Reuven Rivlin Champions Digital Shekel
Former Israeli President Reuven Rivlin has entered the world of cryptocurrency and digital currencies, now serving as president of the fintech company Bitcore Capital. On Thursday, Rivlin used the company's stock market opening to present an ambitious vision for the future of money in Israel, centered on the development of a digital Israeli shekel.
Rivlin stated that a digital shekel could eliminate financial barriers and significantly speed up transactions, potentially opening new avenues in the global economy. He highlighted current inefficiencies faced by citizens and businesses, such as long waits and inadequate service for routine financial operations, and proposed that new technology could enable rapid transactions and reduce reliance on existing financial mechanisms.
Despite his strong message, Rivlin emphasized that Bitcore Capital does not aim to compete with the banking system. Instead, the company seeks to act as a bridge, assisting banks in adopting technological advancements and offering new digital asset solutions to the public. The company's market capitalization is just under NIS 60 million, and it aims to connect the traditional financial system with the crypto market through a regulated infrastructure.
Bitcore Capital's operations focus on three main areas: developing a stablecoin pegged to the shekel, creating a system to link digital wallets with conventional payment methods, and enabling crypto holders to receive credit from authorized entities using their digital assets as collateral. The company asserts that its activities are coordinated with regulatory bodies and have received prior approvals from the Capital Markets Authority and the Securities Authority.
Joining Rivlin was Chairman of the Board Yochanan Danino, former Inspector General of the Israel Police. Danino addressed concerns surrounding the crypto market, stating that owning cryptocurrencies does not inherently indicate how they were acquired. He argued that legally acquired assets should be usable for fast international money transfers and asset tokenization.