Back in mid-June, Palestinian Prime Minister Mohammad Shtayyeh stated that he wanted to look into every possibility to enhance the freedom of the Palestinian economy that would not be blocked by Israel or the 1994 Paris protocol, which gave the Palestinian Monetary Authority (PMA) the power of a central bank without the ability to issue bank notes.
The growing tension lies in the economic and political tensions between Palestine and Israel where PMA alleges that the Israel shekel can be used as a payment for all purposes including official transactions, which leaves Palestine heavily reliant on Israel. Currently, there is a surplus of approximately 25 billion shekels in Palestine’s circulation, equivalent to about $7 billion. Shtayyeh is hoping that the development of a cryptocurrency will free Palestine from imposed taxes and open the flow of imports and exports.
The wider implication of cryptocurrency being accepted in Palestine comes from the militant arm of Hamas, a militant Islamic Palestinian nationalist movement in the West Bank and Gaza Strip, supported by Iran, who called for donations in Bitcoin to support their organization to evade sanctions and financial isolation for their cause.
Where one side hopes that cryptocurrency can open new trade markets and economic opportunity for the people of Palestine, another side has a more nefarious purpose and elude the authorities.
Now, these developments are nothing new. The PMA has been discussing cryptocurrency and the “Palestinian Pound” since 2017 but all attempts to develop their own currency has been met with resistance.
– This article was originally posted at CryptoTraderNews
About CryptoCurrencyWire (“CCW”)
CryptoCurrencyWire (CCW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with CCW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled visibility, recognition and brand awareness.
To receive instant SMS alerts, text CRYPTO to 888-902-4192 (U.S. Mobile Phones Only)
CryptoCurrencyNewsWire is where News, content and information converge via Crypto.
For more information, please visit https://www.cryptocurrencywire.com
Please see full terms of use and disclaimers on the CryptoCurrencyWire (CCW) website applicable to all content provided by CCW, wherever published or re-published: http://CCW.fm/Disclaimer
CryptoCurrencyWire (CCW)
New York, New York
www.cryptocurrencywire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com
This article contains Third-Party Content submitted by third parties, including articles submitted through the CCW Premium Partnership Program. All opinions, statements and representations expressed by such third parties are theirs alone and do not express or represent the views and opinions of CCW or its affiliates and owners. Content created by third parties is the sole responsibility of such third parties, and CCW does not endorse, guarantee or make representations concerning the accuracy and completeness of all third-party content. You acknowledge that by CCW providing you with this internet portal that makes accessible to you the ability to view third-party content through the CCW site, CCW does not undertake any obligation to you as a reader of such content or assume any liability relating to such third-party content. CCW expressly disclaims liability relating to such third-party content. CCW and its members, affiliates, successors, assigns, officers, directors, and partners assume no responsibility or liability that may arise from the third-party content, including, but not limited to, responsibility or liability for claims for defamation, libel, slander, infringement, invasion of privacy and publicity rights, fraud, or misrepresentation, or an private right of action under the federal securities laws of the United States or common law. Notwithstanding the foregoing, CCW reserves the right to remove third-party content at any time in its sole discretion.
