Netanyahu criticised over proposal to use crypto to bypass sanctions

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Israeli Prime Minister Benjamin Netanyahu has drawn criticism from economists, political opponents and the Bank of Israel after suggesting cryptocurrency could help the country circumvent potential international sanctions.

In an interview with Israel’s Channel 10 on Friday, Netanyahu said the government was preparing for possible sanctions targeting the country’s economy and banking system. Asked whether he was referring to cryptocurrency, he agreed and added that Israel was also exploring blockchain technology.

The Bank of Israel rejected the proposal, saying cryptocurrencies could not serve as a way to bypass sanctions. It urged the government to protect economic ties with major trading partners and focus on preventing sanctions and their impact on the economy.