Benjamin Netanyahu confirmed that he had asked his advisers to prepare a plan based on cryptocurrencies and blockchain in case Israel faces banking sanctions, after the United Kingdom and eleven other Western countries recently announced sanctions on products from the West Bank colonies. The Bank of Israel immediately stated that this approach could not circumvent sanctions and that the decision belonged to the government, although it had no veto power. According to Ynet, the economic ministries and members of the Prime Minister’s inner circle were unaware of the plan, presented four days before the October 27 election. The proposal is also criticized because blockchain transactions are publicly traceable, Tether regularly freezes sanctioned addresses, and Iran previously moved 3.8 billion dollars through CoinEx.
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