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Deep Tide TechFlow News, April 28, according to Cointelegraph, the Israel Capital Market, Insurance, and Savings Authority has approved the virtual asset trading platform Bits of Gold to launch a stablecoin linked to the Israeli shekel, BILS. This stablecoin had previously completed a two-year pilot on the Solana blockchain.
According to the announcement, BILS's reserve assets will be held in designated independent accounts within Israel. The project is also part of the Israeli Tax Authority and Ministry of Finance's efforts to promote a regulatory framework for the crypto industry, covering specific stablecoin activities.