bils

The Israeli Capital Market Authority has approved Bits of Gold to issue the country's first stablecoin pegged to the shekel, BILS. This token is a regulated asset launched by Bits of Gold on the Solana network, with the support of Fireblocks and Ernst & Young, after a two-year evaluation and pilot program.Bits of Gold stated that bringing the shekel on-chain aims to position it alongside currencies like the euro, yen, and Singapore dollar, which have already entered the blockchain financial system. Currently, the stablecoin market has surpassed $300 billion, and this issuance aims to address the dominance of dollar-pegged tokens in on-chain payments and maintain digital sovereignty.

According to Cointelegraph, the Israeli Capital Market, Insurance and Savings Authority has approved the virtual asset trading platform Bits of Gold to launch a stablecoin BILS pegged to the Israeli shekel.This stablecoin has previously completed a 2-year pilot on the Solana blockchain. According to the announcement, the reserve assets of BILS will be held in designated independent accounts within Israel. The project is also part of the regulatory framework for the cryptocurrency industry promoted by the Israeli Tax Authority and the Ministry of Finance, covering specific stablecoin activities.

ChainCatcher news, according to Bitcoin.com, Bits of Gold and Israeli authorities have launched the BILS stablecoin in a regulatory sandbox. This initiative is led by the cryptocurrency broker Bits of Gold in collaboration with the Israeli Capital Market, Insurance and Savings Authority.It is reported that the BILS pilot project is set up in a regulatory "sandbox" to assess the performance of the stablecoin on the Solana blockchain, adhering to the international standards and principles outlined by the Bank of Israel.Youval Rouach, co-founder and CEO of Bits of Gold, stated in a press release: "We are proud to launch BILS, a groundbreaking development that connects digital currency with the Israeli economy. The introduction of BILS marks a significant advancement in integrating digital currency into the Israeli economy while expanding financial accessibility."