Netanyahu floats an ‘alternative economy’, and his own central bank isn’t buying it
JERUSALEM, Oct 25 — Israel’s central bank has issued a rare rebuke of recent remarks from Prime Minister Ben...
Jerusalem, October 25 - In a rare rebuke, Israel's central bank has criticized Prime Minister Benjamin Netanyahu's suggestion of using cryptocurrency to establish an "alternative economy" to withstand possible sanctions. This proposal, which had already faced criticism from Netanyahu's rivals during the recent national elections, is deemed inadequate by the Bank of Israel.
The bank stated that cryptocurrencies cannot be used to bypass sanctions on Israel and emphasized the importance of preserving economic relations with key trading partners. The central bank also highlighted the responsibility of political leadership in addressing these issues, urging appropriate action to mitigate the negative impact of sanctions on the economy.
During an interview with Israel's Channel 10, Netanyahu acknowledged the growing pressure from the United States and suggested that "there could be sanctions, including banking sanctions." To prepare for such a scenario, he claimed to have ordered plans to be developed using blockchain technology, aiming to create an alternative economy.
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