Palestinians examine bitcoin as own currency

According to reports by Reuters and the Israeli newspaper Haaretz, representatives of the Palestinian Financial Supervisory Authority (PMA) are planning to introduce a digital currency as their own currency within 5 years. This step is to protect Israel from possible interventions in the future.

Since the Palestinian territories do not have their own currency, there are mainly 4 different currencies: US dollars, euro, Israeli Shekel and Jordanian Dinar.

However, because the territories have no currency of their own, they have no control over the inflow of money and consider themselves victims of inflation. Although there is a kind of central bank, the Palestinian Financial Supervisory Authority (PMA), however, the 1994 Paris Protocol stipulated that Palestine should not issue its own currency.

At that time, the protocol recommended that the Palestinians should have their own currency stamped by Israel. But since the PMA has to ask Israel for release each time, Azzam Shawwa sees no progress.

Shawwa spoke with Reuters at the annual conference of the European Bank for Reconstruction and Development (EBRD) in Cyprus. It looks more like a digital currency, similar to Bitcoin, as a solution. The EBRD now wants to start investing in the West and Gaza. The PMA has already written on its website that it wants to be a modern and flexible bank for an independent Palestine.

“You need not just the currency,” Shawwa said. “One must also look at the economy. To issue a currency is the one thing, the other thing is that you also have to consider the basic framework of a currency such as capital reserves, oil, gold etc. ”

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