Israeli Prime Minister Benjamin Netanyahu says he has asked for a plan to use cryptocurrency and blockchain networks to get around possible banking sanctions. “I have already asked for a plan to be prepared for that,” he said, according to Decrypt. He made the remarks in an interview on Israel’s Channel 10, days before the national election on October 27.
No details were given on who is drafting the plan, which currency or network it would use, or when it would be ready. Netanyahu said sanctions, including banking sanctions, are possible and that Israel must prepare alternative economic arrangements. He also said US military aid will eventually end; the current $3.8 billion-a-year deal runs through September 2028.
The context is growing diplomatic pressure. The UK banned imports from Israeli settlements in early September and sanctioned people and companies involved in building them, and eleven other countries, including France and Canada, plan to restrict settlement goods. More than 60 Israeli economists and former officials have warned that such measures could spread to the wider economy.
Crypto has limits as a workaround. Blockchains are public and traceable, and Israel itself sanctioned 37 wallets linked to Iran’s Revolutionary Guards and Hezbollah on July 1. Tether froze $344 million in April and $131 million in July tied to Iran. Russia’s A7A5 ruble stablecoin moved about $102 billion in its first year before sanctions and a hack cut its daily volume by 96%.
For now this is a statement of intent, not a policy.
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Sources:
- Decrypt: Netanyahu Considering Crypto Plan to Dodge Banking Sanctions on Israel
- Crypto Times: Netanyahu Says Israel Is Exploring Blockchain to Bypass Potential Sanctions
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