Recently the head of th Palestine Monetary Authority, emerging central bank of Palestine, Governor Azzam Shawwa has revealed plans towards launching Palestine’s own digital currency to Reuters.
Palestine have no currency their own infact palestinians are using the euro, U.S. dollar, Israeli shekel and jordanian dinar for their daily use.
Governor Azzam Shawwa said with this step it designed to safeguard against interference from israel, as Palestine Monetary Authority has no control over the money supply to used in the Palestine. Azzam Shawwa said
That is something we would like to see. It will be called the Palestinian pound.
Also there was a biggest reason to launch their own cryptocurrency is that palestine has no money printing facilities as shawwa added
If we print currency, to get it into the country you would always need clearance from the Israelis and that could be an obstacle. So that is why we don’t want to go into it.
Shawwa spoke to Reuters on the sidelines of the annual meeting in Cyprus of the European Bank for Reconstruction and Development. The EBRD said during the meeting it would start investing in the West Bank and Gaza via donations.