More than 100 Israeli economic experts confirmed on Sunday that Prime Minister Benjamin Netanyahu’s plan to use cryptocurrencies to circumvent potential international sanctions will not save the Israeli economy, describing the proposal as something used by organized crime syndicates. This was stated in an official letter signed by former senior officials from the Bank of Israel and the Ministry of Finance, alongside prominent figures in the business sector and academia.
Message from Economic Experts
The letter came amid escalating European calls for punitive measures against Israel in the context of the war in the Gaza Strip and settlement activities in the West Bank, amid disagreements among EU member states regarding the nature of these measures. The signatories, who described themselves as leading economists, businessmen, and former public service officials, expressed deep concern over Netanyahu’s statements regarding the imposition of international sanctions on the Israeli banking system.
Consequences of Economic Sanctions
The experts warned that imposing economic sanctions on Israel would cause irreparable damage to the economy, as Israelis would be unable to use credit cards, and international trade websites such as Amazon and AliExpress would be blocked to customers from Israel. Furthermore, foreign workers would leave the country in large numbers because they would be unable to transfer money to their families, and the health system would be unable to purchase medical equipment and medicines.
Criticism of Netanyahu’s Policies
For his part, Netanyahu, who has been required since 2024 to appear before the International Criminal Court on charges of war crimes in the Gaza Strip, expressed concerns about the possibility of imposing economic and banking sanctions on Israel. He clarified in an interview with Israel’s Channel 10 that one of the alternative plans he ordered to be prepared involves the use of encrypted digital currencies, emphasizing the need to prepare for an alternative economy. However, the signatories stressed that Netanyahu’s statements indicate a lack of basic understanding and ignorance amidst the collapse of Israel’s standing on the international stage.
Source: Anadolu Agency
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