It is recently reported that Palestine is looking for possible ways to gain financial stability and freedom by developing digital currency. Most of the countries around the globe are trying their level best to develop their own Central Bank Digital Currency (CBDC), and China is the leading figure in this regard. Now, Palestine is suffering from the harsh circumstance of freedom not only in general but also financially as well but, now Palestine is also going to be part of the crypto globe as monetary authorities are looking for possible ways and putting all efforts into developing the digital currency.
Monetary Authorities of Palestine reported working on the launch and utilization of its own digital currency, which would enable Palestine to get financial freedom following the crypto path of China, El Salvador, and Marshal Islands. Above mentioned countries have initiated the utilization of digital currencies and blockchain technology to advance the financial infrastructure and to gain financial or economic independence.
Palestine to Develop Digital Currency: Is it a Political Statement Or Practical Solution?
Palestine has a peculiar political scenario as 138out of 193 members (countries) of the United Nations consider and accepts as a country while on the other hand, Israel and United States (US) do not recognize Palestine as a country. Furthermore, Israel tends to have more influence and control over the Palestinian financial system by means of exercising military power, and in that way, Palestine is facing chaotic circumstances due to prevailing situations and because recent attacks have jolted Palestine’s livelihood and economic system.
Amid such prevailing conditions, blockchain proved itself as relieving source for Palatine for the sake of financial freedom and a political protest against Israel. As Palestine doesn’t have any native currency, so they have to rely on the economic chunks of Jordanian Dinars, US Dollars, and Israeli Shekels, so developing its own Palestinian Digital Currency would bless Palestine with financial stability, freedom, and confidence to stand against Israel.
Monetary Authorities of Palestine claim that it is difficult for the Palestinian nation to have financial sovereignty if their financial systems are being controlled and dictated by Israel or any other country, so they should have their own currency to stand with confidence. Hence monetary authorities are putting their all efforts into the matter to develop the Palestinian Digital Currency as soon as possible.