Bitcoin : Bitcoin Daily: Bitcoin A Lifeline To Palestinians; NY AG Questions Legality Of Binance, Kraken
Some users in the occupied Palestinian territories of the Gaza Strip and the West Bank are turning to crypto dealers to buy bitcoin to purchase investments abroad.
Since Palestinians cannot send money directly to online crypto exchanges because none work with local banks, locals rely on dealers to act as “liquidity gateways.”
Ahmed Ismail, a financial analyst in Gaza, said there are at least 20 unofficial “exchange” offices in the region dealing cryptocurrency to locals. And one currency dealer in Gaza told 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.”
In other news, CoinDesk reported that the $1 billion blockchain fund backed by the Chinese city of Hangzhou’s government is getting ready to roll out a Japanese yen-pegged stablecoin.
Yao Yongjie, one of the founding partners of the Xiong’An (Grandshores) Blockchain Fund, revealed that plans are already underway, with the stablecoin expected to launch by the end of this year or early 2019. Grandshores Technology – also chaired by Yao – is planning to raise HK$100 million ($12.7 million) to help finance the project.
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