Last Updated on July 5, 2021 by cryptocreed
Recently the head of the Palestine Monetary Authority, the emerging central bank of Palestine, Governor Azzam Shawwa has revealed plans towards launching Palestine’s own digital currency to Reuters.
Palestine has no currency their own in fact Palestinians are using the euro, U.S. dollar, Israeli shekel, and Jordanian dinar for their daily use.
Governor Azzam Shawwa said with this step is designed to safeguard against interference from Israel, as Palestine Monetary Authority has no control over the money supply to use in Palestine. Azzam Shawwa said
That is something we would like to see. It will be called the Palestinian pound.
Also, there was the biggest reason to launch its own cryptocurrency is that Palestine has no money printing facilities as Shawwal 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.