Palestine To Potential Develop First Native Digital Currency

palestine

The Palestinian monetary authority has unveiled its plans to introduce a digital currency based on the likes of Bitcoin in the country within 5 years to become the first digital native currency in the region. The officials also added the development is coinciding with the development of the new home of the Moneytary authority a “purpose built”central bank in Ramallah.

palestine

“That is something we would like to see,” Shawwa said. “It will be called the Palestinian pound.”

Palestine has placed much more value on a cryptocurrency as its benefits to civilians and the industry have been estimated much larger than expected. The fact that currently many new outlets have reported the refusal of the likes of PayPal and other online payment processors to offer their services in the country has led to significant stagnation of online commerce and even remittances. A cryptocurrency has the potential to allow for international trade and even Forex markets to develop as currently many civilians have resorted to using a mix of dollars, euros and other currencies to accommodate daily financial needs.

“If we print currency, to get it into the country you would always need clearance from the Israelis and that could be an obstacle,” Shawwa said. “So that is why we don’t want to go into it.”

To conclude, the potential cryptocurrency project in the works in Palestine has the potential to finally stabilise the war torn nation. While years of conflict have left the economy shattered, the development of the cryptocurrency has many economic and political benefits. As citied by the monetary authority, a cryptocurrency in the territory would also allow for protection from Israeli interference as it is designed to be digital only. The project is aimed for complete within 5 years as the Palestine effectively wants to control its own monetary supply as having no currency native to the country has had many drawbacks including inflation and recession as reliance on currencies of other countries has crippled the nations domestic economy.

Written By

Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.