Summary
- Israel's regulator has approved the issuance of shekel (ILS)-based stablecoin BILS.
- BILS underwent a pilot for about two years on the Solana (SOL) blockchain, and its reserve assets will be segregated in a designated account.
- The project is part of an overhaul of crypto regulation by Israel's Finance Ministry and Tax Authority, and is intended to enable programmable financial services such as real-time payments and on-chain transactions.
Forecast Trend Report by Period
Israel's regulators have formally approved the launch of a stablecoin pegged to the shekel.
Cointelegraph reported on April 27 that Israel's Capital Market, Insurance and Savings Authority approved BILS, a shekel-denominated stablecoin to be issued by crypto exchange Bits of Gold.
The approval followed a pilot program that ran for about two years on the Solana blockchain. Reserve assets backing BILS will be segregated in a designated account in Israel.
The project is part of efforts by Israel's Finance Ministry and Tax Authority to revamp crypto regulations. It is aimed at bringing stablecoin use into the regulated financial system.
Bits of Gold Chief Executive Officer Youval Rouach said BILS would serve as a direct bridge between the Israeli shekel and the global digital-asset ecosystem. He added that it would enable real-time payments, on-chain transactions and programmable financial services.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
