Bank Of Israel Rejects Cryptocurrencies as Way to Bypass Sanctions
(MENAFN) The Bank of Israel said Saturday that cryptocurrencies cannot provide a means of avoiding potential economic sanctions, responding to Prime Minister Benjamin Netanyahu's proposal to develop alternative financial arrangements in preparation for possible restrictions.
The central bank issued its position following Netanyahu's interview with an Israeli business channel on Friday, during which he discussed incorporating cryptocurrencies into contingency plans for potential economic and banking penalties.
The bank stated that cryptocurrencies “cannot be used as a route for bypassing sanctions,” according to reports.
“The right thing for Israel’s economy is preserving the economic relationships with our principal trade partners and focusing on preventing sanctions and their negative influence on the economy,” said the bank.
The institution emphasized that addressing the issue was the responsibility of Israel's political leadership, calling for efforts to prevent sanctions and reduce their potential economic impact.
Netanyahu has voiced concerns about the possibility of international financial and banking restrictions, explaining that he had instructed officials to prepare contingency measures, including a plan involving cryptocurrencies.
He also cautioned that American financial assistance to Israel might eventually end and that Washington's approach toward the country could shift after US President Donald Trump leaves office.
The central bank issued its position following Netanyahu's interview with an Israeli business channel on Friday, during which he discussed incorporating cryptocurrencies into contingency plans for potential economic and banking penalties.
The bank stated that cryptocurrencies “cannot be used as a route for bypassing sanctions,” according to reports.
“The right thing for Israel’s economy is preserving the economic relationships with our principal trade partners and focusing on preventing sanctions and their negative influence on the economy,” said the bank.
The institution emphasized that addressing the issue was the responsibility of Israel's political leadership, calling for efforts to prevent sanctions and reduce their potential economic impact.
Netanyahu has voiced concerns about the possibility of international financial and banking restrictions, explaining that he had instructed officials to prepare contingency measures, including a plan involving cryptocurrencies.
He also cautioned that American financial assistance to Israel might eventually end and that Washington's approach toward the country could shift after US President Donald Trump leaves office.
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