Israeli PM, central bank lock horns over sanctions evasion

Homepage > News > Business > Israeli PM, central bank lock horns over sanctions evasion TL;DR: Facing growing Western sanctions, Israeli Prime Minister Benjamin Netanyahu has asked advisers to devise a plan that uses cryptocurrency and blockchain to bypass possible future banking sanctions. The Bank of Israel, 109 economists and officials, and political opponents have pushed back, warning it would deepen Israel’s isolation and harm its economy. Critics also note that crypto is traceable, even as Russia, Iran, North Korea, and Venezuela have used it to get around sanctions. Key Takeaways: Netanyahu expects banking sanctions to follow asset freezes and visa bans, and has told advisers to plan for crypto-based workarounds. The Bank of Israel opposed Netanyahu’s idea, saying it would strain ties with trade partners and that the focus should be on preventing sanctions. Blockchain transactions are traceable, and authorities can identify and block sanctioned wallets, contrary to the “anonymous” myth. The economic pressure to Israel brought by sanctions imposed by Western countries has prompted Israeli Prime Minister Benjamin Netanyahu to rethink the possibility of using cryptocur...