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Israel has taken a significant step in the cryptocurrency domain by green-lighting a pilot for BILS, the first stablecoin pegged to the New Israeli Shekel.
Bits of Gold and Israeli Authority Launch BILS Stablecoin in Regulatory Sandbox
The initiative, spearheaded by the crypto broker Bits of Gold in collaboration with the Israeli Capital Market, Insurance and Savings Authority, represents the increasing interest in integrating digital currencies into the nation’s economy. Set within a regulatory “Sandbox,” the BILS pilot aims to assess the stablecoin’s performance on the Solana blockchain, adhering to international standards and principles outlined by the Bank of Israel.
“We are proud to introduce BILS, a ground-breaking development that literally connects digital currencies into the Israeli economy,” Youval Rouach, Bits of Gold’s co-founder and CEO said in a statement. “The introduction of BILS marks a significant progression in integrating digital currencies into the Israeli economy, while expanding financial accessibility.”
Rouach added:
Now, anyone with the internet can engage in financial transactions, all without the prerequisite of a traditional bank account.
The project is designed to utilize cutting-edge privacy technologies, such as zero-knowledge proofs (ZKP), and to engage in strategic collaborations with Fireblocks for infrastructure backing and EY for guidance on processes and oversight. Qedit aims to assist in setting up the technological framework for the project in its entirety.
The Israeli stablecoin emerges at a juncture dominated by U.S. dollar stablecoins. Despite the existence of stablecoins underpinned by the yuan, euro, and various international currencies, their scale is modest in the presence of U.S. dollar-based crypto assets.
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