Former Israeli Banking Supervisor Says Blockchain Cannot Bypass Potential Sanctions.

Yair Avidan, a former Bank of Israel banking supervisor, said blockchain would not bypass legal restrictions on payments as Israeli Prime Minister Benjamin Netanyahu considers a plan for possible banking sanctions. Netanyahu’s request for a blockchain plan to address potential banking sanctions came during a televised interview Oct. 23. He described blockchain as one possible option but did not name who would prepare the plan, which network or currency it might use, or when it could be ready. Banking sanctions can make it harder for importers to pay overseas suppliers if foreign banks refuse to process payments for a country’s banks. The added costs can reach consumers through supermarket prices. Avidan said payments using blockchain or digital tokens would still require banks, payment companies and trade partners.

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