The Bank of Israel is considering issuing a digital currency as it seeks to create a faster payments system and a cashless economy, Reuters reported.

The government of Israel has been seeking to become a cashless society for the past couple of years in order to fight money laundering and black economy.

A central bank source told the media giant that the government was ready to include the digital currency issuance in the 2019 budget and economic package if the Bank of Israel gave its consent.

“Central banks around the world are examining (the use of digital currencies) so we should as well,” the source told Reuters, adding that a fast payments system is one option, while “a central bank- issued digital currency is another form of an advanced payments system which currently does not exist.”

According to the source, the digital currency issued by the central bank would be centralized and in compliance with the anti-money laundering requirements.

In early 2014, the central bank, along with other financial regulators, issued a warning on digital currencies such as bitcoin. It highlighted the risks involved including high volatility, use in criminal activities, and fraud among others.