Netanyahu pushes crypto to evade sanctions, faces backlash — SkimNews
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- Netanyahu proposed preparing to use blockchain-based cryptocurrency to circumvent potential banking sanctions, citing Israel’s need for an alternative economic system as international isolation grows.
- Bank of Israel rejected Netanyahu’s crypto plan, stating cryptocurrencies cannot bypass sanctions and emphasizing that preserving ties with major trade partners is essential to economic stability.
- Gadi Eisenkot, leader of the Yashar party, condemned the proposal as a threat to national security, accusing Netanyahu of disconnecting Israel from the global economy and losing touch with reality.
- Over 100 experts and former Israeli officials expressed grave concern over the crypto plan, criticizing it as a strategy more suited to criminal organizations than a developed economy.
- Netanyahu warned that U.S. financial support for Israel’s military will end 'only a matter of time,' citing changing American attitudes and the upcoming end of Trump’s presidency as reasons to prepare for reduced aid.
Why it matters: Netanyahu’s push for crypto as a sanctions workaround risks accelerating Israel’s financial isolation, as the central bank and top experts agree it would fail at scale and damage investor confidence—potentially costing the economy billions and undermining access to global markets and technology supply chains.
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