Netanyahu’s Blockchain Plan: Sanctions, Meet Your Fork in the Road

Israeli Prime Minister Benjamin Netanyahu said he has asked for a plan to use blockchain technology to counter potential economic sanctions against Israel. The request came during an interview with Channel 10, where he described blockchain as an alternative to counter possible banking sanctions.

Netanyahu said Israel should prepare to implement blockchain technology if economic sanctions are imposed, potentially adding the country to a list of nations that have adopted cryptocurrencies and blockchain in one way or another. Israel has previously announced plans to launch a CBDC.

The U.S. government already partners with Chainlink to issue economic data onchain. Meanwhile, Iran uses crypto assets such as Bitcoin and USDT to bypass banking sanctions and to pay for imports.

Iran had also released a Strait of Hormuz insurance proposal earlier this year that would have involved ships paying tolls in crypto for passage through the waterway.