Netanyahu requests blockchain plan to prepare for potential economic sanctions

Prime minister urges digital currency preparation

Israeli Prime Minister Benjamin Netanyahu said he has asked for a plan involving blockchain to help the country prepare for possible economic sanctions. He stated that this could include banking restrictions and that the economy needs to be ready to bypass such measures.

Speaking in an interview broadcast on Friday, Netanyahu confirmed that blockchain is one of the tools Israel is considering. He mentioned that he has already requested a specific plan to be prepared for this purpose, though he did not provide further details during the interview.

Key points from the interview

• Netanyahu stated that there could be sanctions, including those on banks.
• He confirmed that a plan involving blockchain and other currencies is being prepared.
• The Prime Minister warned that U.S. military aid to Israel will likely end in the future.
• Israel has allocated an additional 400 billion shekels, or about $129 billion, to its defense budget.

Netanyahu's comments on U.S. support

In the same interview, Netanyahu discussed Israel's relationship with the United States. He noted that current U.S. military assistance, which includes tens of billions of dollars, would not continue indefinitely. He described a change in U.S. political support as an inevitability.

The Prime Minister emphasized that Israel must reduce its dependency on other nations. He stated that the country needs to build its own military strength and the ability to independently manufacture ammunition and weapons. He expressed the view that the current U.S. president is uniquely supportive and that this level of friendship may be rare.

Missing details on the plan

While Netanyahu confirmed the request for a blockchain plan, he did not specify who would be responsible for creating it. He also did not identify which specific cryptocurrencies or blockchain networks would be involved. There is no stated timeline for when such a system might be implemented.

Why this matters

This statement highlights a growing interest in using digital assets for national security and economic resilience. By considering blockchain technology to bypass banking sanctions, Israel is exploring how decentralized finance could serve as a backup for traditional financial systems in a crisis.

Source

• The Block

Read also: Report: Netanyahu Weighing Crypto Strategy to Circumvent Banking Sanctions