The Bank of Israel rebuked Netanyahu over his proposal to bypass sanctions using cryptocurrency
Israeli Prime Minister Benjamin Netanyahu drew a rare rebuke from the Bank of Israel after saying in a Channel 10 interview that cryptocurrency and blockchain could help Israel bypass potential international sanctions, including banking restrictions. The central bank said cryptocurrencies cannot circumvent sanctions and urged leaders to preserve trading ties and focus on preventing sanctions and their negative economic impact.
More context
In a Channel 10 interview Friday, Netanyahu said he was preparing for possible sanctions on Israeli banks and described a need for a “bypass economy.” Asked directly whether he meant cryptocurrency, he confirmed it and said blockchain was another possibility; he had asked advisers to prepare a plan. The Bank of Israel said Saturday cryptocurrencies could not be used to bypass sanctions and urged leaders to preserve economic ties with major trading partners. Netanyahu’s main rival in Tuesday’s election, Gadi Eisenkot, called the proposal “madness” and warned that a “BibiCoin policy” could drive companies abroad and undermine national security. Netanyahu later told Channel 14 he would consider the bank’s advice but ultimately follow his own judgment.
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Reporting
- Reuters — Netanyahu rebuked for plan to use crypto to bypass economic sanctions
- News.Az — Economists warn Netanyahu’s crypto plan could isolate Israel | News.az
- The Times of India — 'BibiCoin policy': Netanyahu faces backlash over plan to use crypto to bypass sanctions - The Times of India
- Middle East Eye — 'Diplomatic and financial isolation': Netanyahu’s crypto plan to bypass sanctions draws rebuke | Middle East Eye
- minutemirror.com.pk — Netanyahu faces backlash over plan to use cryptocurrency to bypass sanctions
- bitbo.io — Netanyahu Eyes Crypto 'Bypass Economy' as Israel Sanctions Loom
Verifier’s note
Reuters and multiple other publishers report that Netanyahu proposed using cryptocurrency to help bypass potential sanctions and faced criticism, including a rebuke from the Bank of Israel. The reports are dated today and match the proposed event’s central claims.