{"id":4583,"date":"2021-06-25T18:19:45","date_gmt":"2021-06-25T17:19:45","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=4583"},"modified":"2021-06-25T18:19:54","modified_gmt":"2021-06-25T17:19:54","slug":"digital-currency-palestine-sets-to-join-the-trend","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/digital-currency-palestine-sets-to-join-the-trend\/","title":{"rendered":"Digital Currency: Palestine sets to join the trend"},"content":{"rendered":"\n
The move for countries to adopt a digital currency<\/a> 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.<\/h5>\n\n\n\n
\"Digital<\/figure><\/div>\n\n\n\n

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.<\/p>\n\n\n\n

This\u00a0action\u00a0would\u00a0put\u00a0Palestine\u00a0on\u00a0par\u00a0with\u00a0countries\u00a0like\u00a0Venezuela,\u00a0the\u00a0Marshall\u00a0Islands,\u00a0the\u00a0Bahamas,\u00a0China,\u00a0and\u00a0El\u00a0Salvador's\u00a0most\u00a0recent\u00a0efforts,\u00a0all\u00a0of\u00a0which\u00a0are\u00a0interested\u00a0in\u00a0using\u00a0the\u00a0blockchain\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>\u00a0to\u00a0improve\u00a0the\u00a0efficiency\u00a0of\u00a0their\u00a0financial\u00a0infrastructure\u00a0and\u00a0gain\u00a0a\u00a0little\u00a0more\u00a0independence\u00a0from\u00a0other\u00a0economic\u00a0powers,\u00a0while\u00a0also\u00a0bypassing\u00a0their\u00a0sanctions.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

And\u00a0this\u00a0is\u00a0where\u00a0the\u00a0Palestinians\u00a0see\u00a0blockchain\u00a0as\u00a0a\u00a0possible\u00a0relief\u00a0valve\u00a0or\u00a0a\u00a0way\u00a0to\u00a0protest\u00a0Israel\u00a0politically.\u00a0Palestinians\u00a0do\u00a0not\u00a0have\u00a0their\u00a0own\u00a0currency<\/a>\u00a0and\u00a0rely\u00a0on\u00a0a\u00a0mixed\u00a0economy\u00a0in\u00a0which\u00a0Israeli\u00a0Shekels\u00a0(ILS),\u00a0Jordanian\u00a0Dinars,\u00a0and\u00a0even\u00a0US\u00a0dollars\u00a0are\u00a0exchanged.<\/p>\n\n\n\n

As\u00a0a\u00a0result,\u00a0with\u00a0an\u00a0economy\u00a0controlled\u00a0by\u00a0a\u00a0competing\u00a0third\u00a0party,\u00a0Palestinians'\u00a0financial\u00a0sovereignty\u00a0is\u00a0very\u00a0difficult\u00a0to achieve\u00a0when\u00a0Israeli\u00a0banks\u00a0restrict\u00a0their\u00a0actions.<\/p>\n\n\n\n


Banks\u00a0are\u00a0now\u00a0prohibited\u00a0from\u00a0performing\u00a0large\u00a0cash\u00a0transactions\u00a0in\u00a0Israel.\u00a0It\u00a0also\u00a0sets\u00a0monthly\u00a0limits\u00a0on\u00a0the\u00a0amount\u00a0of\u00a0money\u00a0Palestinians\u00a0can\u00a0send\u00a0to\u00a0Israel per month.<\/p>\n\n\n\n

According\u00a0to\u00a0a\u00a0Bloomberg\u00a0report,\u00a0this\u00a0obstructs\u00a0financial\u00a0transactions\u00a0between\u00a0Palestinians\u00a0and\u00a0may\u00a0be\u00a0one\u00a0of\u00a0the\u00a0most\u00a0practical\u00a0reasons\u00a0for\u00a0attempting\u00a0to\u00a0establish\u00a0a\u00a0sovereign\u00a0currency\u00a0free\u00a0of\u00a0Israeli\u00a0influence.<\/p>\n\n\n\n

As a result, they [the Palestinians] sometimes have to borrow to cover foreign exchange payments to third parties and are stuck with a glut of Israeli banknotes. That could be one reason a digital currency would be attractive to the Palestinian monetary system.<\/p><\/blockquote>\n\n\n\n

Although\u00a0Palestinians\u00a0are\u00a0hopeful,\u00a0many\u00a0analysts\u00a0do\u00a0not\u00a0believe\u00a0the\u00a0Palestinian\u00a0cause\u00a0has\u00a0much\u00a0prospects.\u00a0Raja\u00a0Khalidi,\u00a0the\u00a0head\u00a0of\u00a0the\u00a0Palestine\u00a0Economic\u00a0Policy\u00a0Research\u00a0Institute,\u00a0is\u00a0among\u00a0those\u00a0who\u00a0feel\u00a0that\u00a0a\u00a0Palestinian\u00a0cryptocurrency\u00a0would\u00a0never\u00a0see\u00a0the\u00a0light\u00a0of\u00a0day.<\/p>\n\n\n\n

\u201cThe macroeconomic conditions don\u2019t exist to allow a Palestinian currency, digital or otherwise, to exist as a means of exchange.<\/p><\/blockquote>\n\n\n\n

For\u00a0his\u00a0part,\u00a0Barry\u00a0Topf,\u00a0a\u00a0former\u00a0senior\u00a0adviser\u00a0to\u00a0the\u00a0Governor\u00a0of\u00a0the\u00a0Bank\u00a0of\u00a0Israel,\u00a0predicted\u00a0that\u00a0this\u00a0currency\u00a0would\u00a0fail\u00a0to\u00a0fulfill\u00a0two\u00a0of\u00a0money's\u00a0primary\u00a0objectives.<\/p>\n\n\n\n

\u201cIt\u2019s not going to replace the Shekel or the Dinar or the US dollar. It\u2019s certainly not going to be a store of value or a unit of accounting.\u201d<\/p><\/blockquote>\n\n\n\n

Palestine,\u00a0on\u00a0the\u00a0other\u00a0hand,\u00a0appears\u00a0to\u00a0be\u00a0dead\u00a0set\u00a0on\u00a0pursuing\u00a0a\u00a0risk-free\u00a0venture.<\/p>\n\n\n\n

Two\u00a0cryptocurrency\u00a0studies\u00a0are\u00a0now\u00a0being\u00a0conducted\u00a0to\u00a0aid\u00a0specialists\u00a0in\u00a0their\u00a0understanding\u00a0of\u00a0the\u00a0market.\u00a0In\u00a0the\u00a0end,\u00a0a\u00a0large\u00a0part\u00a0of\u00a0its\u00a0success\u00a0will\u00a0be\u00a0determined\u00a0by\u00a0the\u00a0support\u00a0it\u00a0receives\u00a0from\u00a0other\u00a0international\u00a0bodies,\u00a0particularly\u00a0other\u00a0countries.\u00a0<\/p>\n\n\n\n

The\u00a0ultimate\u00a0conclusion\u00a0is\u00a0that\u00a0this\u00a0is\u00a0a\u00a0topic\u00a0for\u00a0political\u00a0experts,\u00a0not\u00a0crypto\u00a0fans<\/a>,\u00a0to\u00a0debate.<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u00a0action\u00a0would\u00a0put\u00a0Palestine\u00a0on\u00a0par\u00a0with\u00a0countries\u00a0like\u00a0Venezuela,\u00a0the\u00a0Marshall\u00a0Islands,\u00a0the\u00a0Bahamas,\u00a0China,\u00a0and\u00a0El\u00a0Salvador’s\u00a0most\u00a0recent\u00a0efforts,\u00a0all\u00a0of\u00a0which\u00a0are\u00a0interested\u00a0in\u00a0using\u00a0the\u00a0blockchain \u00a0to\u00a0improve\u00a0the\u00a0efficiency\u00a0of\u00a0their\u00a0financial\u00a0infrastructure\u00a0and\u00a0gain\u00a0a\u00a0little\u00a0more\u00a0independence\u00a0from\u00a0other\u00a0economic\u00a0powers,\u00a0while\u00a0also\u00a0bypassing\u00a0their\u00a0sanctions. 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\u00a0this\u00a0is\u00a0where\u00a0the\u00a0Palestinians\u00a0see\u00a0blockchain\u00a0as\u00a0a\u00a0possible\u00a0relief\u00a0valve\u00a0or\u00a0a\u00a0way\u00a0to\u00a0protest\u00a0Israel\u00a0politically.\u00a0Palestinians\u00a0do\u00a0not\u00a0have\u00a0their\u00a0own\u00a0currency\u00a0and\u00a0rely\u00a0on\u00a0a\u00a0mixed\u00a0economy\u00a0in\u00a0which\u00a0Israeli\u00a0Shekels\u00a0(ILS),\u00a0Jordanian\u00a0Dinars,\u00a0and\u00a0even\u00a0US\u00a0dollars\u00a0are\u00a0exchanged. As\u00a0a\u00a0result,\u00a0with\u00a0an\u00a0economy\u00a0controlled\u00a0by\u00a0a\u00a0competing\u00a0third\u00a0party,\u00a0Palestinians’\u00a0financial\u00a0sovereignty\u00a0is\u00a0very\u00a0difficult\u00a0to achieve\u00a0when\u00a0Israeli\u00a0banks\u00a0restrict\u00a0their\u00a0actions. Banks\u00a0are\u00a0now\u00a0prohibited\u00a0from\u00a0performing\u00a0large\u00a0cash\u00a0transactions\u00a0in\u00a0Israel.\u00a0It\u00a0also\u00a0sets\u00a0monthly\u00a0limits\u00a0on\u00a0the\u00a0amount\u00a0of\u00a0money\u00a0Palestinians\u00a0can\u00a0send\u00a0to\u00a0Israel per month. According\u00a0to\u00a0a\u00a0Bloomberg\u00a0report,\u00a0this\u00a0obstructs\u00a0financial\u00a0transactions\u00a0between\u00a0Palestinians\u00a0and\u00a0may\u00a0be\u00a0one\u00a0of\u00a0the\u00a0most\u00a0practical\u00a0reasons\u00a0for\u00a0attempting\u00a0to\u00a0establish\u00a0a\u00a0sovereign\u00a0currency\u00a0free\u00a0of\u00a0Israeli\u00a0influence. As a result, they [the Palestinians] sometimes have to […]<\/p>\n","protected":false},"author":12,"featured_media":4585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,21],"tags":[717,889],"class_list":["post-4583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","category-news","tag-digital-currency","tag-palestine"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/06\/image-37.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/4583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=4583"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/4583\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/4585"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=4583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=4583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=4583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}