Netanyahu warns of possible banking sanctions, proposes digital currencies as alternative

Prime Minister Benjamin Netanyahu has issued a stern warning that Israel may face banking sanctions and has begun preparations for alternative financial mechanisms, including blockchain technology. Speaking in an interview with Channel 10, Netanyahu emphasized the need to prepare an alternative economic system and highlighted potential currencies that could bypass sanctions.

When asked about the role of blockchain technology in circumventing sanctions, he affirmed its potential as "one of them" and requested a plan to implement it.

Netanyahu also addressed the future of US military assistance to Israel, stating that if the US does not continue providing the previously secured tens of billions of dollars, Israelis should prepare for a change. He dismissed concerns raised by Bank of Israel Governor Prof. Amir Yaron about the expansion of the defense budget, firmly rejecting Yaron's warnings.

Crypto expert Nir Hirschman of the Crypto Companies Forum welcomed any progress in the realm of crypto and blockchain technology, but cautioned that it is not an avenue for evading financial transactions. He affirmed that blockchain offers potential to strengthen Israel's connection to global financial markets and streamline capital transfers, while emphasizing the technology's transparency through public blockchain networks.

The Crypto Companies Forum is prepared to collaborate with the government and regulators to promote necessary reforms in the crypto field, bolstering Israel's economy and international ties.