Israeli Regulators Approve Shekel-Pegged Stablecoin
Israeli regulators have approved Bits of Gold to launch BILS, a shekel-pegged stablecoin, following a successful two-year pilot program on the Solana blockchain.Summary
Israel’s Capital Market, Insurance and Savings Authority has officially approved the BILS stablecoin, developed by the virtual exchange Bits of Gold. This decision follows a two-year pilot program conducted on the Solana blockchain. To ensure security and regulatory compliance, the stablecoin’s reserve assets will be maintained in designated, separate accounts within Israel. The project marks a significant step in the collaboration between the Israel Tax Authority and the Finance Ministry to establish a regulated framework for the local cryptocurrency industry. According to Bits of Gold CEO Youval Rouach, BILS serves as a bridge between the Israeli shekel and the global digital economy, facilitating real-time payments and programmable financial applications.
(Source：Cointelegraph)