Regulatory Alerts2017-01-01
Circular No. 61/2017 on Virtual Currencies
The Palestine Monetary Authority issued Circular No. 61/2017 to strictly prohibit all licensed exchange offices and companies operating in Palestine from engaging in any transactions involving virtual currencies, particularly Bitcoin. This comprehensive ban covers all forms of exchange, including conversions against fiat currencies, incoming and outgoing remittances, and any other financial dealings. The directive is grounded in the PMA Law No. 2 of 1997 and aims to preserve financial system stability and safeguard depositors' funds.
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