Netanyahu just declared in a TV interview that 12 Western countries are going to impose sanctions, and said they’re preparing an economic plan to get around them—one that includes crypto and blockchain.
But on Saturday, the central bank poured cold water on the idea: cryptocurrencies can’t be used to circumvent sanctions. Maintaining ties with major trading partners is what it takes to keep the economy healthy. Several former central bank governors also issued a joint warning that the damage would be irreversible.
The central bank sees right through it. On-chain transfers may be fast, but if no one dares accept your goods and the money can’t get into banks and be converted into local currency, even the widest channel is a dead end. Blockchain can bypass banks, but it can’t bypass business.
But on Saturday, the central bank poured cold water on the idea: cryptocurrencies can’t be used to circumvent sanctions. Maintaining ties with major trading partners is what it takes to keep the economy healthy. Several former central bank governors also issued a joint warning that the damage would be irreversible.
The central bank sees right through it. On-chain transfers may be fast, but if no one dares accept your goods and the money can’t get into banks and be converted into local currency, even the widest channel is a dead end. Blockchain can bypass banks, but it can’t bypass business.
