Israel takes a leap into the world of digital currencies with its pioneering stablecoin project.
Israel has launched the pilot phase for BILS, the country's first-ever stablecoin backed by Shekel. The initiative, a collaborative effort between crypto brokerage Bits of Gold and the Israeli Capital Market, Insurance, and Savings Authority, aims to explore the integration of digital currencies into the nation's economy.
The BILS pilot, set within a regulatory "Sandbox," will evaluate the stablecoin's performance on the Solana blockchain, ensuring compliance with global standards and the Bank of Israel's guidelines. Bits of Gold has partnered with Fireblocks for infrastructure support, EY for procedural and supervisory advice, and Qedit for establishing the project's technological foundation.
Youval Rouach, co-founder and CEO of Bits of Gold, expressed enthusiasm about the project's potential to revolutionize financial accessibility in Israel. "The introduction of BILS marks a significant progression in integrating digital currencies into the Israeli economy, while expanding financial accessibility. Now, anyone with the internet can engage in financial transactions, all without the prerequisite of a traditional bank account," Rouach stated.
The BILS project leverages advanced privacy technologies, such as zero-knowledge proofs (ZKP), to ensure transaction confidentiality.
Jonathan Rouach, founder and CEO of QEDIT, highlighted the significance of regulation compliance and privacy advancement in the development of BILS.
"Zero-Knowledge Proofs will equip BILS with unprecedented security levels, and the Solana system integration paves the path for globally compliant privacy technologies," he added.
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