Central Bank Rejects Crypto Contingency Plan

The Bank of Israel on Saturday rejected Prime Minister Benjamin Netanyahu’s proposal to use cryptocurrencies as a mechanism for circumventing potential economic sanctions, stating that digital assets cannot serve as an alternative to traditional financial relationships. The central bank’s response followed Netanyahu’s interview with an Israeli business channel on Friday, during which he disclosed that he had ordered officials to prepare contingency plans involving cryptocurrencies in anticipation of possible banking restrictions.

“Cryptocurrencies cannot be used as a route for bypassing sanctions,” the bank said in a statement carried by the public broadcaster, adding that “the right thing for…