Netanyahu Seeks Crypto Plan for Possible Banking Sanctions

Israeli Prime Minister Benjamin Netanyahu said he had asked for a plan involving blockchain and cryptocurrency to prepare for possible international banking sanctions, prompting the Bank of Israel to reject the approach and urge the government to preserve trading ties and prevent sanctions. In an interview with Channel 10 broadcast Friday, Netanyahu said Israel should prepare an economy able to circumvent potential banking restrictions. Asked whether cryptocurrency was among the options, he agreed and said blockchain was another possibility. He said he had requested a plan, but did not identify who would prepare it or specify its technology or timetable. The Bank of Israel said cryptocurrencies cannot provide a route around sanctions. It said the appropriate course was to maintain economic relations with Israel’s main trading partners and focus on preventing restrictions and their economic effects, a responsibility it placed on political leaders. Netanyahu later said cryptocurrency was one possible means, not the only one, and that he was unsure whether Israel would use it. He said he would consider the central bank’s objections. His remarks and the bank’s response concern a...