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Soak the pistachios in boiling water for 5 minutes.
Drain and rub off the skin with paper towel. Finely grind the pistachios to a paste, then add almond (or pistachio) and vanilla extracts. Heat the milk until it is beginning to bubble and cool slightly.
In a mixing bowl beat the egg yolks and the sugar until pale and creamy. Beat the milk gently into the eggs. Pour the mixture to a sauce pan and cook over low heat. Cook stirring with a wooden spoon, until the custard coats the back of the spoon. Remove from the heat and let cool. Mix the custard, condensed milk, and pistachio purée; add a few drops of green food coloring if you want more intense color. Chill for 2 hours or overnight. Pour the mixture into an ice cream maker and process according to the manufacturer's directions.
After the ice cream is made, transfer to an airtight container and freeze until ready to serve.