Bank of Israel rejects Netanyahu's plan to use crypto to bypass sanctions

The Bank of Israel stated that cryptocurrency cannot be used to circumvent international sanctions due to the transparent and traceable nature of blockchain technology. The warning came after Prime Minister Benjamin Netanyahu said he was working on a blockchain-based plan to bypass potential banking restrictions. Over 100 economists, including former central bank governor Jacob Frenkel and several Nobel laureates, signed a letter warning the plan would damage the economy and drive companies abroad.