Israeli regulatory authority approves stablecoin pegged to the Shekel

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Crypto World News reports that, according to Cointelegraph, Israeli regulators have approved the stablecoin BILS, which is pegged to the Israeli Shekel and issued by the Israeli exchange Bits of Gold.
The approval of this stablecoin comes after a two-year pilot program conducted on the Solana blockchain.
The Israel Securities Authority, Insurance, and Savings Department stated in a notice on Monday that the launch of the stablecoin has been approved.
According to the announcement, the reserve assets for this stablecoin will be held in “designated and independent accounts” in Israel.
The project is part of a larger effort by the Israel Tax Authority and the Ministry of Finance to regulate the crypto industry, including allowing certain stablecoin activities.
Bits of Gold founder and CEO Youval Rouach said, “BILS creates a direct bridge between the Israeli Shekel and the global digital asset economy, supporting real-time payments, on-chain transactions, and programmable financial applications based on a regulated local currency.”

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