Bank of Israel opposes using blockchain to bypass sanctions

Israeli Prime Minister Benjamin Netanyahu has ordered the development of a plan to protect the country's economy from potential financial restrictions and sanctions.

Among the security measures under consideration, the head of government mentioned the use of blockchain technology and cryptocurrencies to ensure the state's financial stability in the event of external pressure.

The Bank of Israel officially opposed the proposal to use digital assets to bypass international sanctions. The regulator stated that cryptocurrencies should not become a tool for evading economic restrictions.

Instead of introducing crypto-assets, the Central Bank called for strengthening economic ties with key trading partners and working on preventing the introduction of new restrictive measures.

Netanyahu responded to the regulator's criticism, emphasizing that cryptocurrency is just one of many available means of protecting the economy, and not the only or mandatory option.

The Prime Minister thanked the Bank of Israel for its recommendations but stressed his independence in decision-making, recalling his contribution to the country's economic development.