The Bank of Israel rejected the idea that cryptocurrencies could be used to circumvent potential international sanctions against the country. Benjamin Netanyahu had requested a blockchain-based plan to prepare for possible banking restrictions, without specifying which currency or network would be used. More than 100 economists, including former governor Jacob Frenkel and several Nobel laureates, warned that the strategy would lead to higher unemployment and a collapse in foreign investment. The opposition branded the proposal a “BibiCoin policy,” while economists noted that blockchain transfers are public and traceable. Israel has already used blockchain tracing to target cryptocurrency wallets holding funds allegedly belonging to Iran’s Revolutionary Guards.
Source: Read the original article
