Palestinian Authority Considering Cryptocurrency to Replace Israeli Shekel

Palestinian PM Mohammad Shtayyeh reiterated that his government is considering using cryptocurrency as an alternative to the Israeli currency in fiat de shekel, local media in Al-Monitor reported on July 22 in English.


Shtayyeh at the opening of the Palestinian Center for Emergency Response in Ramallah on July 9 said that he would consider all possibilities for improving the Palestinian economy freedom that Israel can not block.

During his first appearing on Palestinian television, after assuming office in April, he allegedly said:

"The Palestinian economy has about $ 25 billion [$ 7 billion] in circulation in the local economy, but we do not have to depend on the scales."

Al-Monitor explains that the Paris Protocol was signed in April 1994 by Israel and the Organization for the Liberation of Palestine, giving the Palestinian Monetary Authority the power of the central bank, but could not issue banknotes. The Protocol further states that the Israeli shekel should be used as "a means of payment for all purposes, including official transactions."

Professor of Economics and Social Sciences at Najah University in Nablus said:


"If Palestine has its currency, will it be able to prevent Israel from keeping the means for customs clearance or control of the transition and movement of exports and imports?" The problem of the Palestinian economy is not money, but a complex economic and political dependence on Israel.

Also, he noted that 170,000 Palestinians earn shears' pay and that 80% of Israel's transactions are carried out in that currency. He concludes:

"Israel will not agree with other currencies, and the situation in the Middle East will remain unchanged."


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