Israeli crypto financial services company Bits of Gold has recently garnered regulatory approval from the Israeli Capital Market, Insurance and Savings Authority for the launch of its pioneering stablecoin “BILS”. This development marks a significant milestone in the Israeli digital currency landscape, offering a bridge between traditional and digital currencies.
The BILS pilot which is based on Solana blockchain will offer enhanced usability through daily trade transactions. The BILS stablecoin pilot aims to launch extensions on Solana.
BILS is fully backed by and pegged to the New Israeli Shekel (NIS or ILS) and is set to redefine the Israeli digital currency landscape. The approval allows Bits of Gold to commence the pilot phase within a regulatory “Sandbox” in coordination with the Israeli Capital Market, Insurance and Savings Authority. This phase aims to scrutinize various aspects of the stablecoin, aligning with global standards and principles set forth by the Bank of Israel regarding stablecoins.
Fireblocks which is a significant player in the Israeli financial ecosystem will provide its institutional-grade infrastructure to manage the issuance of the currency contributing to its security and reliability. Additionally, privacy features will be integrated using Zero Knowledge Proofs (ZKP) technology with the collaboration of global ZKP leader QEDIT ensuring heightened security levels for BILS.
Youval Rouach, co-founder and CEO of Bits of Gold expressed pride in introducing BILS, emphasizing its role in integrating digital currencies into the Israeli economy and expanding financial accessibility. Michael Shaulov, Co-founder and CEO of Fireblocks highlighted the importance of BILS in enhancing accessibility and unlocking various use cases within the Israeli financial system.
Jonathan Rouach, Founder and CEO of QEDIT underscored the significance of privacy advancement and regulation compliance in the development of BILS affirming the robust security measures implemented through Zero-Knowledge Proofs. He stated,
Zero-Knowledge Proofs will equip BILS with unprecedented security levels and the Solana system integration paves the path for globally compliant privacy technologies.
The launch of BILS represents a pivotal moment for the Israeli financial system, symbolizing greater accessibility and innovation in the realm of digital currencies. Recently, Synthetic dollar protocol Ethena Labs took a step towards disrupting the stablecoin market with the launch of its USDe and a unique “Shard Campaign” designed to incentivize user participation.
