Officials with the Board of Peace, the US-led body meant to oversee postwar Gaza’s reconstruction, are reportedly exploring creating a cryptocurrency to jumpstart the Strip’s economic recovery.

The currency would be a so-called “stablecoin,” whose value stays relatively stable because it is tied to a reliable asset or commodity such as the US dollar, the Financial Times reported on Monday, citing several sources familiar with the idea.

The cryptocurrency project is being led, according to the report, by Israeli tech entrepreneur Liran Tancman. Tancman is a veteran of Israel’s intelligence corps who is serving as an unpaid adviser to the Board of Peace and has been working with senior US officials on Gaza-related projects over the past year.

Also involved are members of the National Committee for the Administration of Gaza, the Palestinian technocratic body that operates under the Board of Peace, and the office of Nickolay Mladenov, the former UN official who is the board’s high representative for the territory.

Talks about setting up such a coin, which would be pegged to the US dollar, are in their very early stages, and many details are yet to be determined, the report said.

Gazans use Israeli shekels, which have become scarce as the territory’s economy has collapsed. Israel stopped allowing cash to enter the Strip early in the war that began with the Hamas-led October 7, 2023 attack, in an effort to curtail Hamas’s ability to purchase weapons and pay its fighters.

Additionally, many wealthy families in Gaza withdrew their money from banks and then fled the territory when the war broke out. Rising fears about Gaza’s financial system prompted foreign businesses selling goods in the territory to demand cash payments.

The Strip’s banks and financial institutions have since been battered, and those who have access to shekels often charge huge fees for the currency’s use. The idea, according to the source, is to circumvent those challenges.

Another source told FT that the project was launched in order to “dry Gaza from cash so Hamas can’t generate any.”

Those familiar with the project denied that it would seek to separate the Palestinians in Gaza from those in the West Bank, where Palestinians also transact in shekels.

One issue with the implementation of the stablecoin plan could be the state of cellular networks in Strip, where Israel has only allowed slow 2G service.

Tancman told the Board of Peace, at its inaugural meeting earlier this month, that the network will be “upgraded with free, high-speed access” by July.

The Board of Peace, and the various bodies under its purview, were created as part of US President Donald Trump’s plan for Gaza. The plan is in its second phase, though some of its key parts have yet to be implemented, such as Hamas’s disarmament, which is meant to be paired with a gradual withdrawal of the IDF from the Strip.

Agencies contributed to this report. 

If so, we have a request. 

Every day during the past two years of war and rising global anti-Zionism and antisemitism, our journalists kept you abreast of the most important developments that merit your attention. Millions of people rely on ToI for fact-based coverage of Israel and the Jewish world. 

We care about Israel - and we know you do too. So we have an ask for this new year of 2026: express your values by joining The Times of Israel Community, an exclusive group for readers like you who appreciate and financially support our work. 

We’re really pleased that you’ve read X Times of Israel articles in the past month.

You clearly find our careful reporting valuable, in a time when facts are often distorted and news coverage often lacks context.

Your support is essential to continue our work. We want to continue delivering the professional journalism you value, even as the demands on our newsroom have grown dramatically since October 7.

So today, please consider joining our reader support group, The Times of Israel Community. For as little as $6 a month you'll become our partners while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.

Thank you,David Horovitz, Founding Editor of The Times of Israel

1 Jewish hockey star Jack Hughes clinches gold medal for Team USA at Winter Olympics

2 US, Iran to hold talks Thursday as Tehran claims ‘good chance’ of diplomatic solution

3 AnalysisThe Tucker Carlson-Mike Huckabee debate is a battle for the GOP’s soul on Israel

4 Netanyahu: An attack on Israel would be ‘most serious mistake’ in Iranian history

5 US refuelers, cargo planes spotted at Ben Gurion Airport as Iran tensions ramp up

6 Trump mulling limited Iran strike, could try for regime change later – report

7 InterviewTaking a final lap in Milan, US skating medalist Emery Lehman enters Jewish Olympic lore

8 InterviewAmid rising antisemitism and strife over Israel, Josh Shapiro turns to his Jewish faith

National Committee for the Administration of Gaza NCAG

Trump's 20-point plan for Gaza

© The Times of Israel