Saudi Crown Prince Mohammed bin Salman has made a surprising announcement, calling for the establishment of a Palestinian state within the 1967 borders, with East Jerusalem as its capital. In an interview with Saudi-owned Al Arabiya TV, the Crown Prince stated his hope that this proposal would lead to a peaceful resolution of the conflict and a better future for both Palestinians and Israelis. This represents a significant departure from the traditional Saudi position, which has been to support the Arab Peace Initiative of 2002.
The 1967 borders refer to the lines that existed before the Six-Day War when Israel captured the West Bank, Gaza Strip, East Jerusalem, Sinai Peninsula, and Golan Heights from its Arab neighbors. These territories are considered occupied by Israel by the international community, and the Palestinians claim them as part of their future state.
The Crown Prince’s statement has drawn mixed reactions. The Palestinian Authority welcomed it as a positive step towards ending the occupation and achieving a two-state solution. However, Israel rejected it as unrealistic and unacceptable, stating that it would not return to the 1967 borders or divide Jerusalem.
The United States, which has been mediating between Israel and some Arab countries to normalize relations, appreciated the Crown Prince’s efforts but reiterated its support for a negotiated solution based on mutual recognition and compromise.
Some Arab countries, such as Egypt and Jordan, expressed support for the Crown Prince’s initiative, while others, including Iran and Turkey, criticized it as a betrayal of the Palestinian cause.
In other news, the recent revelation that Hamas, the militant group controlling the Gaza Strip, has been using cryptocurrency to fund its activities has raised concerns about the potential impact on the global financial system. Hamas, considered a terrorist organization by many countries, has reportedly received millions of dollars in bitcoin donations from supporters worldwide.
This development poses a challenge for Coinbase, the largest cryptocurrency exchange in the US, which has been lobbying for favorable regulations and recognition of digital assets. However, German investment bank Berenberg cautioned that Coinbase’s efforts could be undermined by the negative perception associated with crypto use by illicit actors.
Berenberg recommended that Coinbase focus on highlighting the positive aspects of crypto, such as its potential for financial inclusion and innovation, while collaborating with other stakeholders to establish industry standards for compliance and transparency. This collective approach would create a more favorable environment for crypto adoption while mitigating the risks of regulatory backlash and public distrust.
The news of Hamas’ crypto use could potentially dampen the impact of Coinbase’s lobbying efforts as regulators and lawmakers may associate crypto with terrorism financing, money laundering, and other illegal activities.
Overall, the Crown Prince’s proposal for a Palestinian state within the 1967 borders has sparked varying reactions, highlighting the complexities of the Israeli-Palestinian conflict. Meanwhile, the revelation of Hamas’ use of cryptocurrency underscores the challenges facing the crypto industry in balancing innovation and legitimacy with the risks of illicit activities.
