Bank of Israel and senior researchers, officials, and economic bodies against Netanyahu over 'crypto'
Prime Minister Benjamin Netanyahu faces sharp criticism from the Bank of Israel, former officials, and academics after proposing the use of cryptocurrencies to circumvent potential sanctions. Critics warn that the step will isolate the Israeli economy and cause severe damage.
Prime Minister Benjamin Netanyahu faces sharp criticism from the Bank of Israel, senior former officials, academics, and economic bodies, following his statement that Israel should utilize the cryptocurrency market to circumvent sanctions that may be imposed on the Israeli banking system. The Bank of Israel issued an unusually harsh official statement criticizing the plan, emphasizing that cryptocurrencies cannot be used as a path to bypass sanctions and that the interest lies in maintaining economic relations with trade partners. Former government officials, academics, and prominent economists expressed shock and anger at the proposal. Former banking supervisor Yair Avidan said blockchain technology is not a solution for evading sanctions. Former Director General of the Ministry of Finance Yariv Ariav warned that the proposal places Israel in the ranks of isolated systems like Iran. Professor Yair Zimon from Tel Aviv University described the step as extreme, dangerous, and irresponsible, leading to the collapse of the economic infrastructure. The Israeli advanced technology sector also issued a statement warning that the proposal paves the way for the destruction of the sector.