not everywhere· Politics· Updated 23 Oct, 23:51

Netanyahu Suggests Israel Prepare for Sanctions Using Cryptocurrency

Prime Minister Benjamin Netanyahu suggested on Friday that Israel should prepare for potential international banking sanctions by exploring the use of cryptocurrency and blockchain technology to bypass them. Speaking in an interview, Netanyahu stated he had requested a plan to utilize digital currencies, warning that US defense aid might not continue indefinitely due to changes in America and that banking sanctions are a real possibility.

3 newsrooms · 2 languages · since 23 Oct, 20:04

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Netanyahu Suggests Israel Prepare for Sanctions Using Cryptocurrency — Illustration by baba

What happened

01Prime Minister Benjamin Netanyahu proposed using cryptocurrency and blockchain technology to bypass potential international banking sanctions.
02Netanyahu warned that US defense aid might not continue indefinitely and that banking sanctions against Israel are a possibility.
03The Bank of Israel, banking officials, and economists warned that disconnecting from the global financial system would cripple Israel's trade-dependent economy.
04Britain and 12 other nations plan to impose sanctions targeting Israeli communities, construction firms, and banks operating in Judea and Samaria.
05Opposition leaders Yair Lapid and Yair Golan criticized Netanyahu's proposal, warning it would lead to economic devastation and international isolation.
06A senior Israeli economic official stated that using cryptocurrency would fail to achieve its goal and would instead harm the economy.

This proposal has raised significant alarm among Israeli economists, banking officials, and the Bank of Israel. Experts and a senior Israeli economic official warned that severing ties with the global banking system would be catastrophic for Israel's trade-dependent economy, particularly its high-tech sector, as serious investors would not use cryptocurrency accounts. Opposition leaders Yair Lapid and Yair Golan also criticized the remarks, warning of economic devastation and international isolation.

The comments follow announcements by Britain and 12 other nations, including France, Canada, Denmark, Spain, Finland, Ireland, Poland, Portugal, and Sweden, of plans to impose sanctions targeting Israeli communities in Judea and Samaria, as well as associated businesses, construction firms, and banks operating there. The international measures are reportedly a response to violence against Palestinians and the approval of extensive construction in Judea and Samaria.

Summarized by baba from the reports of 3 newsrooms. Updated 01:06

Latest report: The Times of Israel. Read The Times of Israel’s original