Visionizing a Fiat Cryptocurrency

Sand Salhout, Clemens Bechter


Bitcoin is part of a wider range of opportunities to creating cryptocurrencies based on blockchains. Research has shown that the existing cryptocurrencies are very volatile and often illiquid. A cryptocurrency endorsed by a Central Bank, as the starter of a private blockchain, will most likely show more stability. It may even take the form of legal tender. However, since almost all countries have their own currency already, the governments will not feel the need for an additional currency. One exception is Palestine. It enjoyed the privilege of having its own currency in the past. The purpose of this research is the evaluation of the feasibility of a cryptocurrency as legal tender. The authors recommend a new Palestinian Pound built on a private blockchain using Hyperledger. In practice it would not differ from any other fiat (legal) currency. The current weakness of not having its own currency could be turned into a strength by becoming the most advanced economy where transactions are transparent and efficient. This paper fills a research gap by analyzing the opportunities of a cryptocurrency that is actual legal tender and endorsed by a monetary authority.   

Full Text:



Berg, C. (2017). What Diplomacy in the Ancient Near East Can Tell Us About Blockchain Technology. Ledger, 2, 55-64.

Bott, J., & Milkau, U. (2017). Central bank money and blockchain: A payments perspective. Journal Of Payments Strategy & Systems, 11(2), 145-157.

Corbet, S., Meegan, A., Larkin, C., Lucey, B., & Yarovaya, L. (2018). Exploring the dynamic relationships between cryptocurrencies and other financial assets. Economics Letters, 16(5), 28-34.

Davies, S. (2015). How bitcoin and its blockchain work., accessed: 7.7.2018.

Floyd, D. (2018). Chile Is Using Ethereum's Blockchain to Track Energy Data., accessed 7.7.2018.

Garrett, R. (2017). How Blockchain is transforming the Supply Chain. Supply & Demand Chain Executive, 18(2), 10-14.

Grishikashvili, K., Bechter, C. (2018). Perceptions of independent financial advisors on the usefulness of Big Data in the context of decision making in the UK, International Journal of Big Data Intelligence, 5(3), 1-12.

Heller, N. (2017). Its government is virtual, borderless, blockchained, and secure. Has this tiny post-Soviet nation found the way of the future?, accessed 7.7.2018.

Koldas, U. (2017). From Coercion to Consent?: The Paris Protocol and Contours of Hegemonic Economic Communication between the Israeli and Palestinian Societies. International Journal Of Economic Perspectives, 11(1), 740-752.

Leising, M., & Robinson, E. (2018). All Eyes on Ripple. But What Is It?. Bloomberg Businessweek, 4556, 29-31.

Nation, J. (2018). Canada Leverages Ethereum Blockchain For Public Transparency Of Government Grants., accessed 7.7.2018.

Paynter, B. (2017). A new food chain. Fast Company, 219, 38-40.

PR, N. (2017, July 17). Grid+ Releases Whitepaper on Ethereum and Our Energy System. PR Newswire US.

Riyad, M. M. A. S. (2016). Business Continuity & Disaster Recovery: Lessons from Palestine. International Journal of Management, 7(1), 26-41.

Ronfeldt, D. (1992). Cyberocracy is coming. The Information Society, 8(4), 243-296.

Saeed, M.S., Zahid, N. (2016). The Impact of Credit Risk on Profitability of the Commercial Banks. Journal of Business & Financial Affairs, 5:192. doi:10.4172/2167-0234.1000192

Salam, Z.A., Quoquab, F., Jamil, R., Rizal, A.M., Mahadi, N., & Hussin, N. (2016). Advanced Science Letters, 22(12), 4506-4508.

SmartDubai. (2018). Dubai Blockchain Strategy,, accessed 7.7.2018.

Weaver, N. (2018). Risks of Cryptocurrencies: Considering the inherent risks of cryptocurrency ecosystems. Communications Of The ACM, 61(6), 20-24.

Wei, W. C. (2018). Liquidity and market efficiency in cryptocurrencies. Economics Letters, 16(8), 21-24.

Young, J. (2018). Brazilian Government Plans to Process Petitions and Write Laws on Ethereum., accessed 7.7.2018.



  • There are currently no refbacks.

Copyright (c) 2018 Case Studies in Business and Management

Case Studies in Business and Management    ISSN 2333-3324    E-mail:

Copyright © Macrothink Institute 

To make sure that you can receive messages from us, please add the '' domain to your e-mail 'safe list'. If you do not receive e-mail in your 'inbox', check your 'bulk mail' or 'junk mail' folders.