jacobfrenkel

The Bank of Israel opposes the plan by #Netanyahu to circumvent sanctions using technology #blockchain .

Israeli Prime Minister Benjamin Netanyahu has proposed using blockchain technology as part of a strategy to build an economy resilient to sanctions, drawing swift opposition from the Bank of Israel and more than 100 economists, including former central bank governor #JacobFrenkel .

The Bank of Israel opposed the proposal, and the group of economists warned that the plan risks deepening the country’s international isolation. The opposition came a day before Israel’s national elections on October 27, and Netanyahu’s political rivals also voiced their disagreement.

The proposal reflects a growing trend among governments under sanctions pressure to explore cryptocurrencies and blockchain technology as financial alternatives, although critics argue that these approaches invite greater economic and diplomatic consequences rather than alleviating them. #Israel #crypto