Israel approves first BILS pilot for stablecoin pegged to Israeli new shekel

Israel has approved the first pilot of stablecoin BILS linked to the new Israeli Shekel. The initiative is led by cryptocurrency broker Bits of Gold in collaboration with the Israel Capital markets, Insurance and Savings Authority. The BILS pilot project is set up in a regulatory "sandbox" to evaluate the performance of stablecoins on the Solana blockchain, in compliance with international standards and principles set by the Bank of Israel.