Bitcoin has already proven its potential to act as a universal currency, overcoming geographical, cultural and political differences. The cryptocurrency has been a savior to many in suffering economies, throwing them the much-needed lifeline in the form of an alternative currency. The recent legalization of Bitcoin in Japan and Russia’s consideration to assigning a similar status to the digital currency has got another geographical region thinking along the same lines.
According to reports, the Palestinian officials are planning to create their own digital currency in the next five years to establish an autonomous financial system. The new cryptocurrency based system is expected to reduce the region’s dependence on its neighbor Israel while safeguarding itself against potential external interferences.
Currently, people in the region do not have their own legal tender, and most of the transactions happen either in euro, US dollar, Israeli shekel and Jordanian dinars. With the new digital currency, the Palestinian state will be able to conduct transactions with its own legal tender. The Palestine Monetary Authority already has a name for it, and they intend to call it Palestinian pound.
The decision was made public by the Head of Palestinian Monetary Authority, Azzam Shawwa while participating in the annual
Read more ... source: NewsBTC USA
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