A digital shekel is here: Israel approves its first regulated stablecoin

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A digital shekel is here: Israel approves its first regulated stablecoin BILS was developed in collaboration with the Solana network and crypto custodian heavyweights Fireblocks with auditing oversight provided by Big Four consultancy firm EY. What to know: - Israel granted approval for the first stablecoin pegged to the shekel. - Bits of Gold was authorized to issue the BILS token under a rulebook set out by the Capital Market Authority. - The shekel is one of the world's best-performing currencies against the dollar this year. Israel's Capital Market Authority granted approval for a stablecoin pegged to the shekel for the first time. Tel Aviv-based cryptocurrency exchange Bits of Gold received authorization to issue the token after a two-year evaluation and pilot process, the authority said in a post on LinkedIn. The token, BILS, was developed in collaboration with the Solana network and crypto custodian heavyweights Fireblocks with auditing oversight provided by Big Four consultancy firm EY, Bits of Gold said in an emailed statement. The size of the stablecoin sector — crypto tokens pegged to the value of a traditional financial asset, usually a fiat currency — has surged in the last 18 months to more than $300 billion fueled by the establishment of formal regulatory regimes in major markets such as the U.S. The overwhelming dominance of U.S. dollar-pegged tokens in the sector has prompted concerns in markets outside the U.S. about the threat of losing financial and digital sovereignty if onchain payments all default to dollars as their unit of account. "The Israeli shekel has emerged as one of the stronger performing fiat currencies among developed markets, supported by a resilient technology sector and consistent macroeconomic management," Bits of Gold said in its Monday announcement. The shekel has gained more than 20% against the dollar over the past year, according to Visual Capitalist, making it the best-performing currency among countries with an annual gross domestic product (GDP) exceeding $250 billion. "Bringing the shekel onchain positions it alongside other leading currencies, including the euro, yen and Singapore dollar, that are beginning to gain traction in blockchain-based financial systems," the company said. More For You Bill C-25, the Strong and Free Elections Act, cleared second reading Friday and heads to committee as Conservative lawmakers raise but don’t challenge the proposed ban on bitcoin contributions What to know: - Canada’s Bill C-25, which would ban crypto donations to federal political campaigns by classifying them alongside other hard-to-trace funding methods, passed a second reading in the House of Commons and moved to committee review. - The proposal covers all major participants in federal elections, including parties, candidates and third-party advertisers, requiring...

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