Israel Approves First Regulated Stablecoin Pegged to Shekel

Israel has made a significant move in its financial sector with the approval of its first regulated stablecoin, pegged to the shekel. The digital currency, BILS, was developed in collaboration with the Solana network and crypto custodian Fireblocks, with auditing oversight by Big Four consultancy firm EY.

The Israeli Capital Market Authority granted authorization for Bits of Gold to issue the token after a two-year evaluation and pilot process. This approval marks a significant milestone for Israel's financial sector as it positions itself alongside other leading currencies on blockchain-based systems.