'Bibicoin will destroy Israel': Eisenkot slams Netanyahu's crypto plan for alternative funding
- On Saturday, the Bank of Israel rejected Prime Minister Benjamin Netanyahu's proposal to use blockchain to bypass international sanctions, stating digital currencies cannot circumvent sanctions.
- Netanyahu previously told Channel 10 he ordered a plan to "prepare for an alternative economy" using digital finances, acknowledging blockchain would "certainly" be part of his strategy amid international sanctions.
- Yashar party chairman Gadi Eisenkot released a video on Saturday labeling the plan "Bibicoin" and warning it would lead to international isolation like "an economy like North Korea and Iran."
- Former Finance Ministry director general Yarom Ariav warned the "reckless" proposal could trigger a credit rating downgrade, while Professor Yair Zimon of Tel Aviv University cautioned it would cause massive capital flight and exodus of high-tech companies.
- Israel relies on global payment systems like SWIFT, and experts argue transitioning to unregulated cryptocurrencies would force disconnection from major banks, which Zimon stated would be "gambling with the fate of the entire economy.
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11 Articles
'Bibicoin will destroy Israel': Eisenkot slams Netanyahu's crypto plan for alternative funding
Eisenkot's campaign video claimed that the alternative system would generate "an economy like North Korea and Iran," and result in "the end of high-tech, the end of healthcare, the end of security."
In a statement, the Bank of Israel emphasizes that "cryptocurrencies cannot be used as a way to circumvent sanctions," following statements by the Israeli Prime Minister about the possibility of international banking sanctions.
'Dangerous and irresponsible': Economists warn Netanyahu's crypto plan could isolate
Economists and academics slam Netanyahu's plan to bypass sanctions with crypto, warning of financial isolation; former Finance Ministry chief Yarom Ariav likens it to Iran, while economic officials know of no plan and the PM's Office of no team
Economy - The Bank of Israel rejected Prime Minister Benjamin Netanyahu's proposal to use blockchain technology (cryptocurrencies) to circumvent Western sanctions, saying, "prevent the imposition of sanctions."
Various voices, including an institutional one such as the Bank of Israel, believe that it is best to prevent sanctions
The Central Bank of Israel clearly distances itself from Prime Minister Benjamin Netanyahu, rejecting the prospect of using cryptocurrencies
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- 34% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
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