Netanyahu Says He Requested Blockchain Plan for Banking Sanctions Risk

Israeli Prime Minister Benjamin Netanyahu said Oct. 23 he had requested a plan to explore blockchain as one way Israel could prepare for possible banking sanctions.

During a televised interview, Netanyahu said Israel should prepare for economic restrictions that could affect its banks. Netanyahu described blockchain as one possible alternative and said he had already asked for a plan. He also referred to work on currencies that could bypass restrictions but named none.

Netanyahu urged preparation for an economy able to keep operating if banking restrictions took effect, linking the request to the possibility of economic pressure on Israel. He did not identify a network, team or timetable for the proposed plan.

His remarks addressed a possible future scenario: Netanyahu did not say Israeli banks were under sanctions or that the government had adopted a blockchain system. In the same interview, he warned that U.S. military aid would not continue at previous levels and said Israel should prepare for greater self-reliance.