The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Palestine wants a cryptocurrency instead of shekels

3 min reading

The Palestinian government is considering replacing the Israeli shekel with a cryptocurrency. Prime Minister Mohammad Shtayyeh was to confirm this information.

Independence policy

Shtayyeh was supposed to point out, that his government will examine every possible way to ensure freedom for Palestinians and their economy. The Prime Minister came to power mainly thanks to the slogans about transforming the economy and making it independent of the shekel. This is certainly not an easy task since nearly 25 billion shekels (7 billion dollars) are in circulation in Palestine. However, before Palestine can pay with a cryptocurrency, it must estimate its ability to stabilize and determine its value. What should also be taken into consideration, is if society will be ready to accept it. At least that's what Bakr Shtayyeh, an economics professor at the Najah University thinks:
If Palestine sets up its currency, will it be able to stop Israel from controlling imports and exports of goods? Will it be able to do business with neighbouring countries without accepting the flow through Israel? The problem of the Palestinian economy is not the currency, but too much dependence on Israel.

Shekel in Palestine

Israeli Shekel has been operating in Palestine since April 1994, when a special agreement had been signed in Paris. According to it, the Palestinian Monetary Office also received the status of the central bank. It obliges Palestine to use the Israeli shekel for all official transactions. Experts believe that the Shekel already functions so strongly in all spheres of life that its complete removal is not possible. Almost 170,000 Palestinians collect their salaries in new shekels, which means that about 80% of Palestine's transaction volume is the currency.
Currency Exchange rate Buy cryptocurrency

Buy crypto now

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.