Officials working with Donald Trump's "Peace Council" are exploring the creation of a stablecoin for Gaza, as part of efforts to overhaul the economy of the devastated Palestinian enclave, according to five people familiar with the discussions.
Talks about launching a stablecoin – a type of cryptocurrency whose value is tied to a dominant currency, you guessed it….like the US dollar – are in the preliminary stages.
Officials are discussing the idea as part of their plan for the future of the enclave, where economic activity collapsed during Israel's two-year war with Hamas and the traditional banking and payments system has been severely damaged.
A person familiar with the project said the stablecoin was expected to be pegged to the U.S. dollar, with the hope that Gulf Arab and Palestinian companies with experience in digital currencies would help advance the effort. “This will not be a ‘Gaza Coin’ or a new Palestinian currency, but a means to allow Gazans to make digital transactions,” the person said.
The idea is being spearheaded by Liran Tancman, an Israeli tech entrepreneur and former reservist who now works as an unpaid advisor to Trump’s “Peace Council,” the U.S.-led body tasked with rebuilding Gaza, according to two people familiar with the matter.
According to the person familiar with the project, the “Peace Council” and NCAG will decide on the regulatory framework and access of the stablecoin, although there is “nothing definitive” yet.
Speaking at a meeting of the “Peace Council” in Washington last week, Tancman said that NCAG is working to build “a secure digital backbone, an open platform that will enable electronic payments, financial services, e-learning and healthcare with user control over data,” but he did not provide further details.
Although the press releases will range from very select to rare, I said I'd pass...because sometimes the editors hide.
