The Palestinian Monetary Authority is examining the case for developing a national digital currency (CBDC). Bloomberg reports, citing the regulator’s head, Feras Milhem.
According to him, two studies are already under way and consultations with several central banks are ongoing.
Palestine currently has no sovereign currency; the Israeli shekel remains the principal medium of exchange. US dollars, euros and Jordanian dinars are also accepted on its territory.
Earlier, Deputy Governor of the Bank of Israel Andrew Abir confirmed the regulator’s experiments with a digital shekel. For the pilot project the Ethereum blockchain technology was employed.
The Bank for International Settlements called CBDC a concept whose time has come.
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