TEL AVIV, Israel, Monday, March 18, 2024 – An Israeli cryptocurrency exchange is set to launch the country’s first-ever stablecoin pegged to the Israeli shekel, according to a company statement. 1
The stablecoin, named BILS, will be issued by Bits of Gold, a Tel Aviv-based crypto financial services company. BILS will be backed by an equivalent amount of Israeli shekels, aiming to provide users with a more stable alternative to traditional cryptocurrencies known for their price volatility.
The pilot launch of BILS will operate within a regulatory sandbox approved by the Israel Securities Authority. This framework allows regulators to monitor the stablecoin’s performance and ensure compliance with financial regulations.
The BILS pilot program operates on the Solana blockchain. Fireblocks, a prominent participant in the Tel Aviv Stock Exchange’s Project Eden, which serves as a proof of concept for the first digital government bond issued by the Israeli Ministry of Finance, will contribute its institutional-grade infrastructure to oversee the issuance of the currency.
Privacy measures is also expected to be integrated through the use of Zero Knowledge Proofs (ZKP) technology, with assistance from global ZKP leader QEDIT, which will also assist in establishing the technology infrastructure for the entire project.
Ernst & Young (EY) will provide guidance to Bits of Gold regarding the implementation of processes and controls to ensure transparency and accountability throughout the project. 2
- Shekel-Backed Crypto: https://twitter.com/BitsofGold_LTD/status/1767894605561778183[↩]
- Shekel-Backed Crypto: https://www.calcalistech.com/ctechnews/article/hj9ovv06p[↩]
