Israeli regulatory authorities approve the launch of a stablecoin pegged to the shekel

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BlockBeats News, April 28 — The Israel Capital Market, Insurance, and Savings Authority has approved a stablecoin linked to the shekel for the virtual trading platform Bits of Gold.

The regulatory agency stated in an announcement on Monday that after a two-year pilot program, the stablecoin named BILS has been approved to go live, and it operates on the Solana blockchain.

According to the announcement, the reserve assets for the stablecoin will be held in “designated and independent accounts” within Israel. The project is also part of the Israeli Tax Authority and Ministry of Finance’s efforts to regulate the crypto industry, including allowing certain stablecoin activities.

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