Cryptocurrency | Palestinians will wear Cryptocurrency instead of Israeli Shekel


Palestinian Prime Minister Mohammad Shtayyeh stressed that his government was considering using cryptocurrency as an alternative to Israeli shekels to transact in his country.

In the opening of the Palestinian Center for Computer Emergency Response in Ramallah on July 9, Shtayyeh said that he would consider all possibilities to increase the economic freedom of the Palestinian people who could not be prevented or blocked by Israel.


When appearing on Palestinian TV, he reportedly said:
"The Palestinian economy has about 25 billion shekels [$ 7 billion] circulating in the local economy, but we are not forced to remain dependent on shekels."

Al-Monitor explained that the Paris protocol signed in April 1994 by Israel and the Palestine Liberation Organization gave freedom to the Palestinian Monetary Authority (PMA), in the protocol also stated that Israeli shekels would be used as a means of payment for all purposes including official transactions.

Professor of economics and social sciences at Najah University in Nablus told the outlet:
"If Palestine has its own currency, will it be able to prevent Israel from holding tax funds or controlling crossings and export and import movements? The Palestinian economic problem is not its currency but a complex economic and political dependence on Israel. "

He also shows that 170,000 Palestinians earn salaries in shekel, and 80% of transactions in Israel are this currency

He concluded:
"Israel will not accept dealing with other currencies, and the difficulty of a surplus shekel in Palestine will remain unchanged."

Source: cointelegaph


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Cryptocurrency | Palestinians will wear Cryptocurrency instead of Israeli Shekel Cryptocurrency | Palestinians will wear Cryptocurrency instead of Israeli Shekel Reviewed by sheffter on July 24, 2019 Rating: 5

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