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Israel Approves Shekel-Pegged Stablecoin BILS for Launch on Solana

GateNews
solana newsProject ProgressToken EventsGeopolitics
SOL3.89%

Gate News message, April 28 — Israel's capital market, insurance and savings regulator has approved virtual asset trading platform Bits of Gold to launch BILS, a stablecoin pegged to the Israeli shekel (ILS). The stablecoin completed a two-year pilot on the Solana blockchain before receiving official approval.

BILS reserves will be held in designated independent accounts within Israel. The project is part of broader efforts by Israel's tax authority and finance ministry to establish a regulatory framework for the crypto industry, including specific provisions for stablecoin activities.

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