Digital Currency: Palestine sets to join the trend
The move for countries to adopt a digital currency is on the rise with Palestine joining. Although the move seeks to give the country some freedom over its finances, experts are sceptical about it. Cryptocurrencies have resurfaced in the geopolitical landscape. According to reports, the Palestinian Monetary Authority is developing a digital currency as part of a goal to achieve greater financial independence. This action would put Palestine on par with countries like Venezuela, the Marshall Islands, the Bahamas, China, and El Salvador’s most recent efforts, all of which are interested in using the blockchain to improve the efficiency of their financial infrastructure and gain a little more independence from other economic powers, while also bypassing their sanctions. The United States and Israel do not acknowledge its existence because of problematic scenario that has resulted in yet another military battle between Israel and Hamas (which controls Palestine, or the Gaza strip), and also Israel currently exercises military and even financial authority over the region. And this is where the Palestinians see blockchain as a possible relief valve or a way to protest Israel politically. Palestinians do not have their own currency and rely on a mixed economy in which Israeli Shekels (ILS), Jordanian Dinars, and even US dollars are exchanged. As a result, with an economy controlled by a competing third party, Palestinians’ financial sovereignty is very difficult to achieve when Israeli banks restrict their actions. Banks are now prohibited from performing large cash transactions in Israel. It also sets monthly limits on the amount of money Palestinians can send to Israel per month. According to a Bloomberg report, this obstructs financial transactions between Palestinians and may be one of the most practical reasons for attempting to establish a sovereign currency free of Israeli influence. As a result, they [the Palestinians] sometimes have to […]
Tanzania’s Central Bank may reverse its ban on cryptocurrencies
Tanzania’s central bank is considering a reversal of the crypto ban, following a positive speech made by President Samia Suluhu Hassan on cryptocurrencies and the need to look into them. The Bank of Tanzania is apparently moving to lift its prohibition on bitcoin in the wake of the country’s president’s favorable remarks on the subject. […]
Jack Dorsey and Elon Musk hints at an upcoming Bitcoin event
Two of cryptocurrency’s well-known proponents, Elon Musk and Jack Dorsey, have hinted that they will argue at a future bitcoin event, this was from a Twitter chat exchange early on Friday. Dorsey, the founder of Twitter, suggested in a Twitter conversation on Friday that “THE talk,” Tesla CEO Elon Musk responded, “for the Bitcurious?” So, […]
DOGECOIN breaks above crucial resistance: a hope for a higher price
Dogecoin price has recovered from a previous dip on June 21. DOGE has had its own good and bad days since the beginning of the year. On June 21, the price of Dogecoin plummeted, leaving a giant red candle in its wake, erasing any prospect of reversing a period of underperformance. DOGE, on the other hand, […]
Financial Services Agency Japan issues Binance a warning
Regulatory issues are not to be toyed with, issuing a warning for Bybit last week, Japanese regulatory agency issues the same warning to Binance for operating without clearance. The Financial Services Agency (FSA), Japan’s regulatory authority, has issued a warning against Binance. The warning is for failing to obtain the requisite operating license under the […]