Key facts
- Netanyahu has requested a plan for Israel to use blockchain technology to bypass potential banking sanctions.
- He cited the possibility of sanctions and the need to prepare for a future without US military aid.
- Israel has previously explored blockchain, with plans for a 'Digital Shekel' CBDC in 2025.
- Other countries like Venezuela, Iran, and Russia have used crypto to move funds outside of US intervention.
Israeli Prime Minister Benjamin Netanyahu has called for the development of a blockchain plan to counter potential economic sanctions. He stated that blockchain technology could serve as an alternative to traditional banking systems in the event of sanctions against Israel. Netanyahu expressed concern about the future of US military aid, urging preparedness for a scenario without it. He mentioned that Israel has previously explored blockchain, with plans for a 'Digital Shekel' CBDC in 2025. Other nations, including Venezuela, Iran, and Russia, have reportedly used crypto assets to circumvent sanctions and facilitate international trade.