VERIFIEDBy Xavier Rivera· ·1 min read
Israel Approves Shekel-Pegged BILS Stablecoin
Israel’s Capital Market, Insurance and Savings Authority approves the BILS shekel-pegged stablecoin from Bits of Gold after a two-year Solana pilot. The move supports regulated crypto activities amid a strong shekel and booming global stablecoin market.
Source:CoinTelegraph
TL;DRAI · 60 sec read
Israel’s Capital Market, Insurance and Savings Authority grants approval for the BILS stablecoin issued by virtual exchange Bits of Gold. The regulator issues a Monday notice confirming the greenlight after a two-year pilot program on the Solana blockchain.
BILS reserves will reside in Israel within designated and separate accounts. The project forms part of broader efforts by the Israel Tax Authority and Finance Ministry to regulate crypto, including permissions for certain stablecoin operations.
“BILS creates a direct bridge between the Israeli shekel and the global digital assets economy, enabling real-time payments, on-chain trading and programmable financial applications based on a regulated local currency,” states Bits of Gold founder and CEO Youval Rouach.
Global stablecoin market capitalization exceeds $320 billion as of Monday, led by US dollar-pegged assets like Tether’s USDT. BILS launches as the shekel hits a 30-year high against the dollar at 1 ILS to 0.34 USD.
BILS reserves will reside in Israel within designated and separate accounts. The project forms part of broader efforts by the Israel Tax Authority and Finance Ministry to regulate crypto, including permissions for certain stablecoin operations.
“BILS creates a direct bridge between the Israeli shekel and the global digital assets economy, enabling real-time payments, on-chain trading and programmable financial applications based on a regulated local currency,” states Bits of Gold founder and CEO Youval Rouach.
Global stablecoin market capitalization exceeds $320 billion as of Monday, led by US dollar-pegged assets like Tether’s USDT. BILS launches as the shekel hits a 30-year high against the dollar at 1 ILS to 0.34 USD.
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