Jerusalem:The Bank of Israel has stated that cryptocurrencies cannot be employed to bypass potential economic sanctions, countering Prime Minister Benjamin Netanyahu's suggestion to explore alternative financial arrangements.

According to Anadolu Agency – English, this response from the central bank followed Netanyahu's interview on an Israeli business channel, where he proposed integrating cryptocurrencies into contingency plans for potential economic and banking sanctions. The bank emphasized that preserving Israel's economic ties with key trade partners and preventing sanctions is crucial for the country's economy.

Netanyahu expressed his concerns about possible sanctions and instructed officials to prepare a contingency plan involving cryptocurrencies. He also warned that U.S. aid and Washington's stance towards Israel could shift after President Donald Trump leaves office.

Opposition leader Yair Lapid and Yoav Horowitz, a co-founder of the opposition Yashar party, criticized Netanyahu's statements, predicting adverse economic consequences and potential withdrawal of funds. Horowitz cautioned that Netanyahu's approach might deter investment and economic activity in Israel.

The debate over Netanyahu's policies and their potential economic impact is intensifying just days before the Knesset elections. Meanwhile, European calls for punitive measures against Israel continue amid ongoing conflicts, though EU members remain divided on the extent of such measures.