Israeli Prime Minister Benjamin Netanyahu has faced mounting criticism following his suggestion that cryptocurrency and blockchain could help Israel cope with possible international sanctions.
Crypto Plan to Evade Restrictions?
During a Friday interview with Israel’s Channel 10, Netanyahu warned that broader sanctions could be imposed and that the country must be prepared to set up a “bypass economy.”
When asked whether cryptocurrency remains an option for circumventing restrictions, he replied, “Very true.”
Netanyahu stated that he’s already asked officials to prepare a “plan” for blockchain technology, adding, “I think I understand a bit about these things.”
Central Bank, Political Rival Criticize Netanyahu
Israel’s central bank, as cited by Channel 10, said that cryptocurrency “cannot serve as a bypass route,” emphasizing that Israel’s interest is to maintain trade relations with its key partners.
Gadi Eisenkot, Netanyahu’s principal rival in the upcoming legislative election, said the proposal would “destroy” Israel. He warned that a “BibiCoin” policy, a play on Netanyahu’s nickname, could drive companies abroad and undermine national security.
Israel’s leader of the opposition, Yair Lapid, also criticized Netanyahu, adding that the Israeli PM has “gone off the rails”
Trump Backs Netanyahu but…
The proposal comes amid heightened regional tensions even as President Donald Trump ruled out an immediate attack on Iran, easing some concerns over near-term escalation.
Iranian Foreign Minister Seyed Abbas Araghchi criticized the U.S. for spending billions of taxpayers’ money on Israel’s missile defense over the years.
Earlier this year, Netanyahu called for Israel to reduce its military dependence on the U.S. and expand domestic weapons production amid its ongoing conflict with Iran.
Notably, Trump gave Netanyahu his “Complete and Total Endorsement” in the upcoming re-election race on Tuesday.
On Polygon (CRYPTO: POL)-based Polymarket, however, Eisenkot had 52% odds of becoming Israel’s next prime minister, compared with 27% for incumbent Netanyahu and 13% for former Prime Minister Naftali Bennett.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: noamgalai on Shutterstock.com
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