#Netanyahu wants to build Israel a crypto “alternative economic system”
With Israeli elections approaching, Netanyahu went on TV and warned that the US could abruptly halt its $38 billion in annual military aid, so they need a backup plan in case of banking sanctions. He ordered officials to put together an “alternative economic system” based on blockchain and cryptocurrency, to bypass sanctions if they’re imposed.
I looked into it, and what struck me most was the identity of the country involved. In the past, countries like Venezuela and Iran used crypto to evade sanctions. Now even America’s closest ally is openly talking about it. The opposition is already slamming the idea, saying it would turn Israel into an “economic outcast.”
With this coming out ahead of the October 27 election, it’s hard to say whether it’s campaign rhetoric or a sign they’re genuinely worried. $BTC is quoted at 79916 USDT, and $ETH at 2324 USDT; the broader market is down today. Stories of adoption at the national level have never hinged on short-term market movements. But if this is actually implemented, stablecoins can be frozen with one click—can you really evade sanctions on-chain?
With Israeli elections approaching, Netanyahu went on TV and warned that the US could abruptly halt its $38 billion in annual military aid, so they need a backup plan in case of banking sanctions. He ordered officials to put together an “alternative economic system” based on blockchain and cryptocurrency, to bypass sanctions if they’re imposed.
I looked into it, and what struck me most was the identity of the country involved. In the past, countries like Venezuela and Iran used crypto to evade sanctions. Now even America’s closest ally is openly talking about it. The opposition is already slamming the idea, saying it would turn Israel into an “economic outcast.”
With this coming out ahead of the October 27 election, it’s hard to say whether it’s campaign rhetoric or a sign they’re genuinely worried. $BTC is quoted at 79916 USDT, and $ETH at 2324 USDT; the broader market is down today. Stories of adoption at the national level have never hinged on short-term market movements. But if this is actually implemented, stablecoins can be frozen with one click—can you really evade sanctions on-chain?