Israel is set to launch a shekel-backed stablecoin, BILS, on the Solana blockchain platform, marking a significant development in the country's approach to digital currencies. This initiative, approved by Israeli regulators, is being spearheaded by Bits of Gold, also known as BitsofGold_LTD, in collaboration with the Israeli Authority. The launch is part of a pilot within a regulatory sandbox aimed at exploring the potential and implications of digital currencies. Concurrently, the Bank of Israel has proposed an interest-bearing digital shekel, which poses a challenge to traditional banking by enabling Payment Service Providers (PSPs) to offer wallet services, potentially reducing the need for bank services.
Banco Do Brasil to Test Offline Payments in #Brazilian #CBDC Pilot #Drex https://t.co/jdlS936vjO
Israel’s 🇮🇱 CBDC Threatens Banks: • BOI (Bank of Israel) proposes interest bearing digital shekel which creates unfair competition for banks • PSPs can offer wallet services; customer may not need the services of a bank for the digital shekel https://t.co/Q50P5LhJuO
Bits of Gold and Israeli Authority Launch BILS #Stablecoin in Regulatory Sandbox https://t.co/yyAbl0jqsd
Israel to launch shekel-backed stablecoin, BILS, on Solana https://t.co/vOSOIGYOx7
JUST IN: ISRAEL TO LAUNCH SHEKEL-BACKED STABLECOIN, BILS, ON SOLANA
The first Israeli Shekel-backed stablecoin, BILS, will launch using token extensions on Solana! 🙌 @BitsofGold_LTD recently received approval from Israeli regulators to move forward with their pilot. Learn more: https://t.co/mXD6csZadr https://t.co/ScSXaegvq0