Palestinian Residents Use Bitcoin For Cross-Border Transactions

According to Coindesk’s September 18 report, Ahmed Ismail, a financial analyst in Gaza, Palestine, estimates that at least 20 informal “exchange” offices are providing cryptocurrencies to local Palestinian users. Ismail has helped 30 customers use Bitcoin for overseas investments because there is no way to invest.

Mohammed, a cryptocurrency dealer in Gaza, said that in the past four years, he has helped 50 families buy an average of $500 worth of bitcoin per month for remittances or online shopping.

He explained: “In their view, Bitcoin is cheaper, safer and faster. It just doesn’t work with Palestinian banks. Here, Bitcoin wallets can replace banks.”

Cryptographic currencies are entering areas that are politically and economically isolated, but in terms of the driving force and limitations of cryptocurrencies, Palestine is somewhat unique in these regions.

For example, Palestinians do not face vicious inflation like Venezuelans, Iranians and Turks because the country does not have a national currency at all, but has been using stable foreign currencies.

In Palestine, another core feature of the blockchain public network is particularly attractive, avoiding censorship.

Anyone can do bit-to-point bitcoin transactions. Once a transaction is paid, it cannot be vetoed by the intermediary. This seems to solve a real problem, because in the context of ongoing conflict with Israel, it is difficult to reach the global economy. Even Western supporters closed their bank accounts because they sent money to the Palestinians.

Earlier, Venezuelan President Nicolas Maduro and Palestinian President Mahmoud Abbas held a diplomatic conference, at which they announced the establishment of a bilateral national fund to promote technological and industrial development between the two countries.

According to official Venezuela data, Venezuela made the first capital injection into the fund in the form of 20 million Petro (coin).

Venezuela and Palestine have reached agreement on a series of measures to improve international relations and political and economic affairs and decided to establish a strategic alliance to promote the global adoption of oil and Palestinian industries.

This article is writing on 18 Sept 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258

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