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28/04/26 04:44 UTC-04

Israel Approves Shekel-Pegged Stablecoin

Israel’s Capital Market, Insurance and Savings Authority has approved the launch of the Bits of Gold Shekel (BILS) stablecoin, which is pegged to the Israeli shekel. The issuer will be the local cryptocurrency exchange Bits of Gold.

The approval followed a two-year pilot test of the token on the Solana blockchain. According to the regulator, the stablecoin will be backed by reserves held in dedicated and segregated accounts. The regulator will define the conditions for storing stablecoins, procedures for early redemption by users, and the reporting framework for the issuer’s activities.

“BILS will enable real-time payments, on-chain trading, and the development of programmable financial applications based on a regulated national currency,” said Youval Rouach, CEO of Bits of Gold.

At present, BILS is the only regulator-approved stablecoin pegged to the Israeli shekel. Previously, there were reports about a shekel-pegged token being tested by the U.S. company Fireblocks, but no further confirmation of the project’s progress has been provided. In parallel, the Bank of Israel is testing a digital shekel.

Israel enforces strict cryptocurrency regulations. Only licensed companies are allowed to operate, a limited number of legal entities can obtain authorization, and exchanges are subject to anti-money laundering laws. Cryptocurrencies are not considered legal tender in the country, but transactions involving them are taxed.

In December, the Bank of Israel announced plans to tighten requirements for stablecoin issuers. In particular, they will be required to form and maintain reserves that fully back the entire supply of issued stablecoins with highly liquid assets, such as government bonds or bank deposits.

See also: "Bitcoin drops below $77K, Ethereum and Solana fall as Hormuz tensions push oil to 3-week high"

#Stablecoins

Editor: Alyona Nabok
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