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Israeli regulatory authorities approve the launch of shekel-pegged stablecoin BILS
Golden Finance reports that on April 28, the Israel Capital Market, Insurance, and Savings Authority approved the virtual asset trading platform Bits of Gold to launch a stablecoin linked to the Israeli shekel, BILS.
The stablecoin had previously completed a two-year pilot on the Solana blockchain.
According to the announcement, the reserve assets for BILS will be held in designated independent accounts within Israel.
The project is also part of the regulatory framework for the crypto industry promoted by the Israel Tax Authority and the Ministry of Finance, covering specific stablecoin activities.