The Bank of Israel rejected Prime Minister Benjamin Netanyahu’s suggestion that cryptocurrency could help Israel bypass possible international sanctions. It said crypto cannot be used to circumvent sanctions and urged Israel to preserve ties with its main trading partners.
Netanyahu said he had requested a plan using crypto and blockchain networks in case of banking sanctions, but did not say who was drafting it or which currency or network it would use. More than 100 economists warned that the plan would raise unemployment and cause foreign investment to collapse. Their warning was a forecast, not a reported outcome.
