Ethereum’s Vitalik Buterin has added his voice to the increasing adoption of Bitcoin in Palestine, a sudden usage that is not limited to the terrorists alone but to all rank and file in the territory.
The creator of the second cryptocurrency by market cap whose blockchain technology is being used by big companies across the world, said cryptocurrency usage is on the increase across the globe.
Replying to a report by Coindesk earlier today, the 25 years old Russian-Canadian programmer said the usage of cryptocurrency is not easily tracked as being revenue of some crypto remittance company.
He maintained that cryptocurrency in general is all about lowering the need for centralized intermediaries, hence its increased usage across the globe.
In Palestine, the usage of Bitcoin among civilian dwarfed that of Hamas who are known for receiving donations in Bitcoin due to restrictions on the region.
Different freelancers who spoke with Coindesk revealed there are increasing numbers of Bitcoin adopters in the region.
One of the freelancers said there are offices that processes nothing less than $5 million in Bitcoin monthly. He said he once saw an office that processed around 100 BTC in just a single transaction.
Going by this figures, there are lots of transactions in Bitcoin among civilians than the said illegal transaction earlier reported by the New York Times.
In fact, a Palestinian resident in United Arab Emirates is working on an ethereum-based charity platform to help those incapacitated, especially children who cannot afford schooling in the region.
The government, in an announcement, said it’s launching a cryptocurrency economy to revitalize the territory.
The government said the digital economy is to purposely be far away from the reach of the Israeli government.
According to the Prime Minister Mohammad Shtayyeh, the future of the country lies so much on encrypted economy.