Is A Palestinian Bitcoin On The Way?

The central commercial square in Ramallah, in the Palestinian West Bank. Image by Wikimedia/Djex93

By Naomi Zeveloff May 14, 2017

Palestinians are planning to create a Bitcoin-style currency that would help the Palestinian economy operate independently of Israeli influence.

According to a report in Reuters, the Palestine Monetary Authority is designing the currency, which would be called the Palestinian pound. It aims to have the currency in use in the next five years.

The PMA operates like a central bank, but the Palestinians have no currency of their own. The use of the Israeli shekel is enshrined in the 1994 Paris Protocol.

According to Reuters’ interview with Azzam Shawwa, the head of the PMA, a digital currency makes sense for Palestinians. Because Israel controls the Palestinian Territory’s borders, it could make it difficult for Palestinians to get printed currency into the territory.

Contact Naomi Zeveloff at [email protected] or on Twitter @naomizeveloff

Naomi Zeveloff is the former Middle East correspondent of the Forward, primarily covering Israel and the Palestinian Territories.

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