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Bank of Israel issued a statement on Saturday rejecting proposals to use cryptocurrencies as a means to circumvent international sanctions, according to Walla reporting. The central bank stated that “cryptocurrencies cannot serve as a bypass route for sanctions on Israel.”

The statement comes in response to political proposals, notably Netanyahu’s “Bibicoin” plan, which critics including opposition politician Eisenkot have warned would damage Israel’s economy. Eisenkot’s campaign material claimed such an alternative system would generate “an economy like North Korea and Iran” and result in collapse of high-tech, healthcare and security sectors.

Bank of Israel emphasised that the correct approach for Israel’s economy is to preserve economic relationships with major trading partners and focus on preventing sanctions and their negative impacts. The issue remains within the domain of the political leadership.

Sources: www.israelhayom.co.il, Jerusalem Post, Walla, Times of Israel, Ynet