以色列和巴基斯坦表明加密货币的下一个增长阶段可能在美国以外

Crypto’s next adoption test may be moving away from Wall Street and into ordinary financial plumbing. Israel’s approval of a shekel-pegged stablecoin and Pakistan’s reopening of bank access for licensed crypto firms show a different question taking shape: can digital assets work inside local money, bank accounts, and payment systems? Israeli crypto firm Bits of Gold said Israel's Capital Market Authority approved the issuance and distribution of BILS, a shekel-pegged stablecoin, after a two-year pilot. Days earlier, the State Bank of Pakistan issued BPRD Circular Letter No. 10 of 2026, replacing its 2018 virtual-currency prohibition. The Pakistan circular allows regulated entities to open bank accounts for PVARA NOC or licensed VASPs and their customers under defined compliance conditions. Those two moves sit far from the US spot ETF cycle. Yet they point to the operational layer that decides whether crypto becomes more than an investment wrapper. The US has supplied legitimacy, liquidity, and a powerful digital-dollar debate. Other jurisdictions are testing a different operating layer: whether crypto can connect to local money, bank accounts, merchant checkout, and enforceable market rules. Related Reading CLARITY Act stablecoin fight shifts from yield to who captures digital-dollar economics Washington’s stablecoin rules are turning a yield fight into a broader contest over payments, reserves, wallets, and bank rails. Apr 28, 2026 · Liam 'Akiba' Wright Perhaps we need to rethink how global adoption should be evaluated. A Bitcoin ETF lets investors buy exposure. A regulated shekel stablecoin lets users hold a domestic currency on-chain. A central bank circular that lets licensed crypto firms open accounts gives the sector a bridge back into supervised banking. The first validates an asset class. The second and third test whether crypto can become usable financial infrastructure. The test remains early. BILS still needs proof of issuance and usage. Pakistan still ne