Netanyahu rebuked for plan to use crypto to bypass economic sanctions

Prime Minister Benjamin Netanyahu has proposed exploring the use of cryptocurrency and blockchain technology to circumvent potential international banking sanctions. During an interview with Channel 10, Netanyahu stated he was preparing for scenarios to evade sanctions through an alternative economic system, confirming he was referring to cryptocurrencies.

Al-Monitor reports these comments come as Netanyahu faces re-election this week, while Middle East Eye notes the interview aired days before the October 27 parliamentary election.

The proposal has drawn significant backlash from various sectors. According to the Jerusalem Post, a group of 109 economists, business leaders, high-tech entrepreneurs, and former senior officials issued a statement expressing deep anxiety. The group charged that Netanyahu’s remarks demonstrate ignorance and warned that his actions could lead to an international economic boycott, soaring unemployment, and the loss of foreign investment.

The Bank of Israel has also responded to the plan. Middle East Eye reports the central bank stated that digital currencies cannot replace economic ties with trading partners, while Globes English noted the bank's position that it is the political leadership's responsibility to avert sanctions. Netanyahu responded to these concerns by stating, "I do what I think is right."

Brief written by urgent.news from Al-Monitor, Jerusalem Post, Middle East Eye, Globes English — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.