24.10.2026 22:20
The Bank of Israel rejected Prime Minister Benjamin Netanyahu's proposal to circumvent Western countries' sanctions through blockchain technology and cryptocurrencies. The bank emphasized that cryptocurrencies cannot be a way to evade sanctions and that the priority is not to be exposed to sanctions. Netanyahu responded, 'Thank you for your advice. But I do whatever I think.' His biggest rival in the elections, Gadi Eisenkot, also criticized the proposal with a 'BibiCoin' jab.
The Bank of Israel rejected Prime Minister Benjamin Netanyahu's proposal to use blockchain technology (cryptocurrencies) to bypass sanctions imposed by Western countries, saying "prevent the imposition of sanctions."
CLEAR RESPONSE FROM THE CENTRAL BANK
According to a report by Israel's state television KAN, a statement from the Central Bank used the phrases, "What is right for the economy is to preserve our relations with our trade partners, focus on preventing sanctions and preventing their effects on the economy."
In the statement, it was noted that Netanyahu's proposal was rejected with the words, "Cryptocurrencies cannot be used as a way to bypass sanctions."
The statement pointed out that Israel's priority is not to be subject to sanctions rather than to bypass them, and noted that this is the responsibility of politicians.
NETANYAHU: I DO WHATEVER I THINK
Netanyahu, in an interview with an Israeli television, responded to the Bank of Israel's statement and claimed, "Thank you for the advice. But I do whatever I think."
'BIBICOIN' REACTION FROM RIVAL EISENKOT
Gadi Eisenkot, leader of the Yashar Party, seen as Netanyahu's biggest rival in the October 27 elections, also criticized the proposal to use cryptocurrencies to bypass sanctions.
Eisenkot, making a statement from his account on the social media platform of US-based company X, said, "Netanyahu says that if he is re-elected, Israel will be disconnected from the global economy."
Eisenkot noted that in this case there would be no internet shopping and high-tech investment, and referring to the nickname "Bibi" used for Netanyahu, wrote, "We must not let BibiCoin ruin Israel."
Speaking to Channel 10 television, Netanyahu, while commenting on the decision by 12 Western countries to ban trade with illegal Israeli settlements established by seizing occupied Palestinian territories, argued that they needed to switch to an alternative economic model to bypass sanctions.
Netanyahu had claimed that blockchain technology could be used to bypass sanctions.