Netanyahu Faces Backlash Over Proposal to Use Crypto to Bypass Sanctions

Israeli Prime Minister Benjamin Netanyahu drew rebukes from the Bank of Israel and more than 100 economists over the weekend after suggesting cryptocurrency could help Israel get around international sanctions. Netanyahu raised the idea in an interview with Channel 10 on Friday. He said Israel should prepare an alternative economic system and pointed to currencies that can bypass sanctions. Asked whether blockchain technology was one option for bypassing sanctions, he said it was and that he had already ordered a plan. No country has imposed sanctions on Israel’s banks.