Israel needs sanctions-proof economy – Netanyahu

Netanyahu proposes cryptocurrency as a solution to potential economic sanctions on Israel.

The full report

Prime Minister Benjamin Netanyahu has suggested that Israel should prepare to use cryptocurrency to circumvent potential sanctions on the country, amid growing global isolation over its policies against Palestinians.

According to Al Jazeera English, Netanyahu made the proposal in an interview with Israel's Channel 10, stating that an alternative economic system, including blockchain-based cryptocurrency, could help the country evade banking sanctions.

The Bank of Israel, the country's central bank, has rejected Netanyahu's plan, with opposition parties warning that it could lead to increased isolation and disaster.

Israel has been facing international criticism over its actions in the occupied West Bank and Gaza, including a surge in settler violence, anti-Palestinian rhetoric, and the acceleration of illegal settlements.

Netanyahu has vowed to expand settlements, which are considered illegal under international law, and has reiterated that he would not allow the formation of a Palestinian state, drawing condemnation from European allies.

The proposal comes as at least 12 major economies, including the United Kingdom, have pledged coordinated measures against Israeli settlements in the occupied West Bank, and the European Union has sanctioned settlement-linked individuals and groups.