Netanyahu Explores Blockchain as Sanction Alternative Amid Growing International Pressure
Translated & summarized from Ynet by baba
Prime Minister Benjamin Netanyahu is exploring blockchain technology as a way to circumvent potential Western sanctions, including banking restrictions. A new report indicates 62 countries have imposed 121 measures against Israel, with Spain and the U.S. leading. Meanwhile, over 60 economists have warned that international actions against settlements could cause severe economic damage, urging policy changes to prevent further isolation.
The story in 6 lines · by baba
- Prime Minister Netanyahu is exploring blockchain as an alternative to circumvent potential sanctions.
- 62 countries have imposed 121 restrictive measures against Israel, according to a new report.
- Spain leads with 10 measures, followed by the U.S. with 8, and the UK with 7.
- Over 60 economists warn that international actions against settlements could severely damage Israel's economy.
- Economists cite settlement expansion and Jewish violence as reasons for international pressure.
- The economists urge policy changes to prevent further economic isolation and damage.
Prime Minister Benjamin Netanyahu expressed concern over potential Western sanctions, including banking restrictions, against Israel, stating the need to develop an "economy bypassing sanctions." He suggested digital currencies and blockchain technology as potential alternatives, indicating he has already requested a plan for this. Netanyahu also cautioned that the substantial U.S. aid package for Israel's security, which he previously secured, is not guaranteed to continue indefinitely due to changes in American policy.
A new database launched by the Jewish People Policy Institute (JPPI) reveals that 62 countries have implemented 121 restrictive measures against Israel. Of these, 93 are currently in effect, 19 are historical, and nine are proposed or planned. The financial sector is the most targeted, with 40 measures, followed by security and trade (24 each), diplomacy (14), and law (12). Spain leads with 10 measures, followed by the United States (8), the United Kingdom (7), Belgium (5), and Turkey (5).
More than 60 economists, academics, and former public service officials have warned that international actions against settlements could severely impact Israel's economy. They cited the UK's intention to ban imports from settlements and explore sanctions against individuals and companies supporting their expansion, alongside similar measures in other European nations. The economists attribute the immediate cause to construction in the E1 area and Jewish violence against Palestinians, which they perceive as government-backed, and the broader context to the government's post-October 7th policies, particularly concerning Gaza.
The economists' letter warns that if these measures expand from settlements to the entire Israeli economy and affect a significant portion of Europe, it could lead to substantial macroeconomic damage and a significant deterioration of economic relations between Israel and Europe. They noted that international experience shows sanctions often lead to a sharp increase in the cost of living, exacerbating existing issues in Israel, such as recent sharp rises in food prices. The forum urged a policy change to prevent further isolation and economic harm, emphasizing that continued construction in E1 and failure to prevent Jewish terrorism jeopardize vital economic ties and the entire economy.