Netanyahu’s proposal to explore cryptocurrency as sanctions workaround draws criticism
publishers 21articles 26first reported 24 Oct, 13:27 UTCdeveloping since 24 Oct · 8 editions
Israeli Prime Minister Benjamin Netanyahu said Israel should explore cryptocurrency and other alternative financial systems to prepare for possible international banking sanctions, prompting objections from the country’s central bank, economists and political opponents days before the October 27 parliamentary election.
“We need to prepare ways to evade banking sanctions through an alternative economic system,” Netanyahu said in a Friday interview with Israel’s Channel 10. Asked whether he meant cryptocurrency, he agreed.
The Bank of Israel rejected the proposal on Saturday, saying cryptocurrencies could not substitute for Israel’s economic relationships with its principal trading partners. It urged the government to focus on preventing sanctions and protecting those ties.
Netanyahu later said cryptocurrency was one of several options under consideration. He said he would take the central bank’s objections into account but would ultimately act as he considered appropriate.
More than 100 Israeli economists, business leaders and former senior officials, including two Nobel laureates, signed a letter warning that broad international banking sanctions could cause “tremendous and irreversible damages.” They said financial isolation would harm Israel’s banking sector, exporters, investors and technology industry. Opposition politicians and former bankers also warned that attempting to circumvent sanctions could undermine investor confidence.
The proposal comes as several countries have imposed or considered restrictions involving Israeli settlements in the occupied West Bank. Israel’s banking system has not been subjected to international sanctions.
HOW THIS STORY WAS MADE
Written from 8 articles, 2 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 24 h after the record first saw the story; the editor kept it as written.
- Publishers
- 21
- Source articles
- 26
- Given to the writer
- 8, 2 with the article's own text
- Independent newsrooms
- 8
- This version written
- 24 h after the record first saw the story
- Second model (editor)
- kept as written
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
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