Benjamin Netanyahu proposes cryptocurrency amid West Bank import ban plans
Israeli Prime Minister Benjamin Netanyahu recently suggested using cryptocurrency to help Israel sidestep possible new international sanctions.
The idea came up after countries like Britain, France, and Canada announced plans to ban imports from West Bank settlements.
Netanyahu pitched crypto and blockchain as ways for Israel to prepare for tougher global restrictions, but the reaction at home has been anything but positive.
Bank of Israel rejects cryptocurrency plan
The Bank of Israel quickly shot down the proposal, saying strong economic ties are key and warning against risky workarounds.
More than 100 economists, including former central bank leaders and Nobel laureates, warned that using crypto this way could hurt jobs, scare off investors, and damage Israel's reputation.
Political rivals also slammed the idea as a threat to national security.
All this comes as Netanyahu's coalition faces a tight election race with no clear winner in sight, adding more uncertainty to an already tense moment for the country.