Palestinian Authority looks to cryptocurrency to scrap shekel
Prime Minister Mohammad Shtayyeh believes the Palestinian economy's future lies in encrypted digital currency, though there are plenty of pitfalls.
GAZA CITY, Gaza Strip — The new Palestinian government wants to launch its economy into cyberspace to reach a long-time goal: dispensing with the Israeli shekel.
Palestinian Prime Minister Mohammad Shtayyeh recently confirmed his government's plans to use cryptocurrency to overcome obstacles imposed by Israel on the Palestinian economy. Shtayyeh spoke July 9 at the opening of the Palestine Center for Computer Emergency Response in Ramallah.
He said he will consider every possibility that Israel won't be able to block, reiterating the pledge he made April 13 when he first assumed the premiership to find an alternative currency.
“The Palestinian economy has about 25 billion shekels [$7 billion] circulating in the local economy, but we're not forced to remain dependent on the shekel,” he said when he made his first appearance on Palestine TV after taking office.
