Palestinians are making bitcoin transactions with neighbouring states amid conflicts in the region. A small group of people dwelling in the Gaza Strip and the West Bank region has made bitcoin into a regular use.
According to a financial analyst in Gaza, called Ahmed Ismail, estimated there are at least 20 unofficial “exchange” offices there dealing cryptocurrency to local users. Ismail himself helps 30 clients use bitcoin to purchase investments abroad, such as stocks, since there aren’t any local alternatives for putting money to work.
Mohammed who is a cryptocurrency dealer in Gaza, revealed to CoinDesk that over the past four years he helped up to 50 families a month purchase an average of $500 worth of bitcoin each to send money abroad or shop online.
“Bitcoin, in their opinion, is cheaper, safer, and quicker,” he said. “Nothing works with Palestinian banks. Bitcoin wallets are alternative banks.”
Bitcoin transactions in the Palestine region has drawn much attention because of the political and economic instability experience there. However, despite all the challenges of instability in the Middle East, cryptocurrency is still making progress in Palestine.
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