Netanyahu Floats Blockchain as a Sanctions Workaround; Israel’s Central Bank Objects
By Unchained
AI summary of the source article
Israeli Prime Minister Benjamin Netanyahu proposed blockchain as an option to bypass potential economic sanctions on Israel's banking system. The Bank of Israel and over 100 economists objected, arguing cryptocurrencies cannot bypass sanctions and would harm the economy.
Why it matters
More than 100 economists warned in a letter that "[t]he plan would cost Israelis jobs and foreign investment, and crypto would not fix that."
Key facts
- Benjamin Netanyahu stated blockchain is an option to build a bypass economy against possible sanctions and asked for a plan.
- The Bank of Israel said cryptocurrencies cannot be used to bypass sanctions and that preserving relationships with principal trade partners is the right path.
- More than 100 economists warned in a letter that the plan would cost Israelis jobs and foreign investment.
Source excerpt · Unchained
A day before Israelis vote, the prime minister's call for a sanctions-proof economy that leans partly on blockchain has drawn objections from the Bank of Israel, more than 100 economists and his election rivals. The post Netanyahu Floats Blockchain as a Sanctions Workaround; Israel’s Central Bank Objects appeared first on Unchained .