Netanyahu Criticized for Using Crypto to Avoid Economic Sanctions

JERUSALEM: Benjamin Netanyahu, who faces re-election this week, has been criticised by economists and political opponents for suggesting Israel should utilise cryptocurrencies to protect its economy from international sanctions. Netanyahu told Channel 10 on Friday that he was ready for broader sanctions on Israel.

Last month, Britain, France, and Canada announced they would prohibit imports from Israeli settlements in the West Bank, the latest measure attacking Israel’s settlement program and highlighting its growing diplomatic isolation from longstanding allies.

There may be sanctions, including on banks, requiring a bypass economy,” added Netanyahu. Some currencies can circumvent restrictions. That is also being worked on.”

Netanyahu said, “Very true, very true,” alluding to bitcoin after suggesting blockchain technology.

A rare criticism from the Bank of Israel claimed cryptocurrencies cannot evade sanctions and that political leaders should focus on legislation that would make such measures obsolete.

Israel’s economy should prioritise maintaining economic relations with key trading partners and preventing sanctions and their negative effects, it stated.

Netanyahu defended his record on Sunday, urging people to support him and stating that he and Trump had two years to overthrow Iran’s regime.

Over 100 economists, including former Bank of Israel officials, ex-central bank governor Jacob Frenkel, and Nobel laureates, signed a statement on Sunday expressing concern over Netanyahu’s proposal. They predicted increased unemployment, lower foreign investment, and Israel’s economic collapse.

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