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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Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (59/2017)

To all banks operating in Palestine

Date: Tuesday, April 04, 2017

Subject: Virtual Currencies

Pursuant to the Palestine Monetary Authority Law No. (2) of 1997 and its amendments, and the regulations and directives issued thereunder, and aiming to maintain a stable and robust financial system and to safeguard depositors' funds, all banks operating in Palestine are prohibited from dealing in any form with virtual currencies, particularly Bitcoin, whether by opening accounts for clients in them, exchanging them for other currencies, in incoming and outgoing financial transfers, or any other financial transactions.

Deputy Governor
Financial Stability Affairs

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Lineage: In force

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Source: Palestine Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works