The Bank of Israel said on Saturday that cryptocurrencies cannot serve as a way to get around sanctions, responding to an earlier proposal by Prime Minister Benjamin Netanyahu involving blockchain and digital assets as a possible tool to address potential international banking sanctions. The central bank’s position, cited by The Times of Israel, drew a clear line on the role of crypto in such a scenario.
According to the statement, the better course for Israel’s economy is to preserve economic ties with its main trading partners and work to avoid sanctions and the economic damage they could bring. The bank said that handling such matters falls within the political sphere. In a separate report, ynetnews said officials in Israel’s economic departments were not aware of the plan in question.
The Bank of Israel said on Saturday that cryptocurrencies "cannot become a means of bypassing sanctions," according to The Times of Israel, responding to an earlier proposal by Prime Minister Benjamin Netanyahu to use blockchain and crypto in dealing with potential international banking sanctions.
The central bank said the best path for Israel’s economy is to maintain economic relations with its main trading partners and to work to avoid sanctions and the economic effects that could follow. It added that the issue falls under political responsibility.
In a separate report, ynetnews said officials in Israel’s economic departments were not aware of the plan.
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