Bitcoin and the Palestinian Pound
In 1993, the Oslo I Accord paved the way for the creation of the Palestinian Monetary Authority, the central bank of Palestine; however, the PMA was not to issue its own currency. Fifteen years later, the currency primarily in use in the Palestinian territories are the Israeli shekel, along with the Egyptian pound and Jordanian dinar to a lesser extent.
The Palestinian Authority’s plans to use bitcoin as a way to subvert what it sees as a constraint on its sovereignty and freedom is an interesting way of thinking of what Allen and Pryke call money cultures. Specifically, what are the ideas about money, specifically with regards to as abstract and encompassing a medium as bitcoin, that are in line with Palestinian aspirations both for self-determination and connection to global markets? How is this an exercise of collective agency?
This is a particularly intriguing situation, given that bitcoin can be seen as the ultimate abstraction, connecting all sorts of rhythms and spaces; yet it is put to use for the purpose of a specific national cause, by an entity that seeks to endow it with a particular character and meaning
Contributed by YaraTarabulsi on 23/01/2018
