Bank of Israel Rejects Netanyahu's Cryptocurrency Proposal

Following trade ban decisions by Western countries, the Bank of Israel has turned down Prime Minister Benjamin Netanyahu's proposal to utilize cryptocurrencies and blockchain technology to circumvent sanctions, stating that such a move poses risks to the economy.

According to a report by the Israeli state broadcaster KAN, the Central Bank emphasized that the correct approach for the economy is to maintain relations with trade partners and mitigate the effects of sanctions. In its statement, the bank rejected Netanyahu's proposal, noting that cryptocurrencies cannot be used as a means to bypass sanctions and that the priority is to avoid being subjected to sanctions themselves.

Netanyahu responded to the bank's statement in a television interview, expressing his gratitude for the advice but stating that he would proceed with his own course of action. Meanwhile, Gadi Eisenkot, leader of the Yashar Party and Netanyahu's rival in the October 27 elections, also criticized the proposal and opposed the use of cryptocurrency.