Full coverage· Economy· Updated
Netanyahu's 'Crypto Plan' Sparks Market Drop, Dollar Strengthens
Israel's stock market opened lower on Monday following Prime Minister Benjamin Netanyahu's announcement of a plan to explore alternative payment methods like cryptocurrency in anticipation of sanctions. The dollar and Euro strengthened against the shekel as markets reacted to the news.
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What happened
- 01Israel's stock market opened lower Monday after PM Netanyahu announced a 'crypto plan' for sanctions.
- 02The dollar rose 0.1% to 3.115 shekels, and the Euro gained 0.3% to 3.29 shekels.
- 03The Bank of Israel stated cryptocurrencies cannot bypass sanctions.
- 04Over 100 economists warned Netanyahu is leading Israel toward economic isolation.
- 05Critics called the crypto plan a "baffling solution accepted in criminal organizations."
The Bank of Israel and over 100 economists criticized the plan, calling it ineffective and harmful to Israel's international economic standing.
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Coverage from Mako More reports may be added as coverage is matched.
