Palestine Working On Its Own Digital Currency : Report
Palestinian Monetary Authority reportedly working on to make own digital currency to get freedom in financial sector dependency from other countries.
Palestine is that region of the world where they have no own official currency to use. Since they are not limited to a particular country’s currency but also have freedom to use two to three countries’ currency.
A report over Palestine Monetary Authority reported that the Palestinian authorities are in the race to make own digital currency. To get freedom and independence to use other countries’ fiat currency.
Currently Palestinian are using US dollar and Israil fiat currency for their needs.
In the present time Israel’s government restricted banks for bulk transactions of funds. So a situation of boundation in Palestinian user is occurring.
Since the problem of Palestine Monetary Authority is not limited to limits of banking transactions rule but there are many political pressures which are stealing the freedom of Palestine Monetary Authority.
So to get out from this situation, the Palestine Monetary Authority is working to develop its own digital currency for Palestine.
Here it is probably the impact of El Salvador and Paradguay decision to legalize Cryptocurrency.
Since in Paraguay Bitcoin is not Legalised officially but official reports said within a few weeks they will announce it.
See the full report here about Legalization of Bitcoin in Paraguay
Experts are skeptical About PMA Decision
Many experts are saying that it is not going to be a grateful achievement for the Palestine Monetary Authority to develop its own digital currency.
It Is better to adopt any better stable digital currency like Bitcoin or Ethereum.
And also many experts said that no matter whether they will get a real solution or not, they will probably get freedom with the use of blockchain technology and probably they will adopt Bitcoin and Ethereum like Cryptocurrencies in future for better financial freedom.
Because blockchain is not limited to developing a digital currency but its potential exists in the network to use at international level without any restriction.
Read also: 50,000 Electric Vehicle Charging Stations Will Accept Crypto Payments
