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Netanyahu Explores Crypto as Hedge Against Potential Sanctions

Prime Minister Benjamin Netanyahu has proposed that Israel explore cryptocurrency and blockchain technology to prepare for potential economic sanctions.

2 newsrooms · 2 languages · since 08:37

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Netanyahu Explores Crypto as Hedge Against Potential Sanctions — Illustration by baba

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What happened

01Prime Minister Benjamin Netanyahu suggested Israel explore cryptocurrency to counter potential sanctions.
02Russia and Iran have used digital currencies amidst sanctions, but with limitations.
03Crypto use does not legalize prohibited transactions or negate sanctions.
04Foreign banks may reduce ties with Israel due to compliance risks with crypto.
05Israel's regulatory efforts focus on digital assets, not a sanctions-circumvention system.

While countries like Russia and Iran have used digital currencies amidst sanctions, the article questions the effectiveness and international implications of such a move for Israel. It suggests crypto might offer a limited backup payment channel but cannot replace international banking relationships or fully shield Israel from sanctions' impact. Regulatory efforts in Israel are focused on digital asset services, not a sanctions-circumvention system.

Translated and summarized by baba from Globes, the latest report. Read Globes’s original