Regulatory Alerts2017-01-01
Palestine Monetary Authority Circular No. 59/2017 on Virtual Currencies
The Palestine Monetary Authority issued Circular No. 59/2017 to prohibit all banks operating in Palestine from engaging in any transactions involving virtual currencies, specifically Bitcoin. The directive bans activities such as opening client accounts for digital assets, exchanging them for fiat currencies, processing related incoming or outgoing transfers, and conducting any other financial dealings with these assets. This measure is implemented under the Monetary Authority Law No. 2 of 1997 to preserve financial system stability and protect depositor funds.
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