Bank of Israel: Crypto can't be used for "bypassing sanctions'

 The Bank of Israel criticized Israeli Prime Minister Benjamin Netanyahu's idea to use cryptocurrencies to evade international sanctions.

"The right thing for Israel’s economy is preserving the economic relationships with our principal trade partners and focusing on preventing sanctions and their negative influence on the economy," the central bank said in a statement. "This issue is within the responsibilities of the political echelon and it would be fitting if it acted to advance it," it added.

Previously, Netanyahu noted that Israel is currently exploring the possibility of using cryptocurrencies to bypass potential international banking sanctions. "We need to prepare ways to evade banking sanctions through an alternative economic system," he told Israel's Channel 10. "You know what that means - the currencies that can bypass them. I'm working on that too," he added, and confirmed that he refers to cryptocurrencies.

https://breakingthenews.net/Article/Bank-of-Israel:-Crypto-can't-be-used-for-%22bypassing-sanctions'/67392607