Netanyahu Eyes Crypto to Counter Sanctions, but Central Bank Pushes Back

The Bank of Israel has just publicly rejected Benyamin Netanyahu’s crypto project. On October 24, the institution stated that cryptocurrencies would not allow the country to circumvent possible international financial sanctions. The Prime Minister had nevertheless requested the preparation of a system based on blockchain. More than 100 economists also denounce this proposal, which comes just days before the Israeli legislative elections on October 27. The disagreement is now public. On Friday, October 23, Netanyahu explained that Israel must prepare an economy capable of functioning despite possible international banking sanctions. He had notably asked his advisers to develop a plan based on blockchain . The Bank of Israel responded the very next day. In a particularly direct statement, it claims that cryptocurrencies do not constitute a means to circumvent sanctions.

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