'Of no help whatsoever': Economists, entrepreneurs call out Netanyahu for 'bizarre' crypto plan

A coalition of 109 economists, prominent business minds, tech innovators, and former top officials have delivered a scathing rebuke to Prime Minister Benjamin Netanyahu for his unconventional cryptocurrency proposal. The group issued a vehement statement, warning of catastrophic economic fallout if sanctions were to be enforced against Israel.

The economists highlighted that Netanyahu's proposal, which envisions circumventing banking sanctions using blockchain technology, is akin to methods employed by criminal organizations and would prove utterly ineffective. They cautioned that such sanctions could precipitate soaring unemployment, obliterate foreign investment, and cripple Israel's high-tech sector, the country's economic growth engine.

The economists compared the possible outcome to the dire living standards experienced in nations like South Africa, Iran, and Russia, which have endured severe sanctions. The signatories, which included two Nobel laureates, a former Bank of Israel governor, and a host of former senior Finance Ministry officials, expressed grave concerns over the potential collapse of Israel's international standing and the ensuing economic isolation.

The economists’ warnings reverberated throughout the election campaign, with opposition leaders and business leaders mounting a robust counterattack against Netanyahu's bizarre plan.