Israel’s Central Bank Rejects Netanyahu’s Plan to Use Crypto to Bypass Sanctions

Israel’s central bank has pushed back on suggestions to use digital assets to bypass potential sanctions amid prolonged geopolitical tensions. In recent years, countries sanctioned by most Western governments have turned to the asset class to help protect financial institutions and the local economy. Prime Minister Benjamin Netanyahu is considering deploying blockchain technology if key trading partners sanction the country. This comes after growing criticism of settlement expansion in the West Bank and increasing reports of violence. Netanyahu described blockchain as one alternative, but the central bank and other economists are not convinced by the approach.