Israeli Prime Minister Benjamin Netanyahu has faced criticism from economists, political rivals and the Bank of Israel after suggesting the country could use cryptocurrency and blockchain technology to bypass potential international sanctions.

In an interview with Israel’s Channel 10 on Friday, Netanyahu said he was preparing for a scenario in which broader sanctions could be imposed on Israel, including restrictions on its banking sector, Reuters reported.

“There could be sanctions, and sanctions on banks so you need to set up a bypass economy,” Netanyahu said, confirming that he was referring to cryptocurrency when asked about the proposal. He also cited blockchain technology as a…