The trump administration is looking to crypto in order to take a stab at the longstanding political conflicts in the Middle East.
The trump administration has been working with Israeli crypto startup Orbs, to develop Blockchain solutions to that end. These developments have come to light this week from a white house convened summit in Bahrain, set up to discuss the Israeli-Palestinian conflict. According to a New York Times report, Treasury secretary Steven Mnuchin said that investments in the Palestinian territory would be like a “hot IPO”. This is probably because the white house is planning to put together a $50 Billion “Peace to prosperity” plan.
Netta Korin, a co-founder of the Israeli based crypto startup Orbs, revealed that her team had been working with the trump administration, and the state department; on several projects that are moving along quite swiftly. The Orbs co-founder who also happens to be the co-founder of the Hexa foundation, a non-profit focused on social-impact Blockchain projects added;
“I was invited [to Bahrain] to show the immense potential Blockchain technology has to solve some of the problems governments are facing in an efficient and transparent matter.”
According to Korin, Orbs partnership with the Trump administration will mark a paradigm shift from previous strategies of economic aid to Palestinians. Where in the past Palestinians were economically engaged through donations, the project looks at moving away from that an injecting investments instead. According to Korin, “The solutions that are being sought after will be innovative and game-changing.”
A brief look at Korin’s background will tell you that she was one of the few Israelis that joined white house adviser Jared Kushner at the Bahrain summit. At the summit, American economist Kevin Hassett even floated the idea of using Blockchain technology to settle land disputes in the Palestinian territories. An anonymous source informed publication Coindesk, that Blockchain solutions for tracking capital flows in Palestinian territories have been discussed over the past year.
The same source revealed that a meeting last October that involved U.S deputy secretary of the Treasury Sigal Mandelker and representatives from the bank of Israel and the Israeli finance ministry; explored the same Blockchain solutions. No Palestinians were present at that meeting, though the Palestinian Monetary authority is also reportedly exploring Blockchains as well.
Though no Palestinian representatives showed up to this year’s summit, Korin said that her team was working with Palestinian partners “on both the design of these projects and the implementation on the ground.”
Image Courtesy of CNN.com