Bank of Israel: Crypto cannot bypass sanctions

The Bank of Israel issued a sharp official clarification Motzei Shabbos following remarks by Prime Minister Benjamin Netanyahu regarding the use of cryptocurrency. The statement makes clear that digital currencies cannot serve as a route around international sanctions.

The unusual move by the Bank of Israel comes against the backdrop of Netanyahu's comments that sparked public debate. The Prime Minister referred to the possibility of using cryptocurrency in the context of bypassing economic restrictions, prompting an immediate response from the central bank.

Unequivocal clarification from the central bank

The official statement released by the Bank of Israel stated explicitly: "Cryptocurrencies cannot serve as a route to bypass sanctions." The clarification comes at a sensitive time, as Israel faces complex economic and international challenges.

The Bank of Israel, which serves as the central regulator of the financial system in Israel, clarified that digital currencies are subject to the same restrictions and regulations as any other payment method. The economic institution emphasized that attempting to bypass sanctions through crypto could lead to serious legal and international consequences.