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BoI Slams Netanyahu's Crypto Plan for Evading Sanctions
- 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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20 Articles
20 Articles
Bank of Israel against Netanyahu: Cryptocurrencies cannot be used to circumvent sanctions
'The right thing for the Israeli economy is to maintain its economic relationship with our main trade partners and to focus on avoiding sanctions,' said the governor of the Bank of Israel
·Tel Aviv-Yafo, Israel
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'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."
·Jerusalem, Israel
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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.
·Marousi, Greece
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Total News Sources20
Leaning Left2Leaning Right3Center2Last UpdatedBias Distribution43% Right
Bias Distribution
- 43% of the sources lean Right
43% Right
L 29%
C 28%
R 43%
Factuality
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