Netanyahu seeks blockchain plan to counter potential financial sanctions
The Israeli prime minister said he had requested a plan involving blockchain technology as the country prepares for possible banking restrictions and declining US military assistance.
Israeli Prime Minister Benjamin Netanyahu said Friday that he had requested a plan to use blockchain technology to help Israel counter potential financial sanctions, including restrictions on its banking system, according to i24NEWS.
Speaking in an interview with Israel’s Channel 10, Netanyahu acknowledged concerns over possible economic restrictions and said the government was exploring alternative financial arrangements.
“Of course I’m concerned,” Netanyahu said when asked about the possibility of economic sanctions.
“You have to understand that there could be banking sanctions,” he added, pointing to alternative currencies and financial systems that could operate outside traditional banking channels.
When asked whether blockchain technology could provide an alternative, Netanyahu responded, “One of them, certainly. And I’ve already asked for a plan to be prepared for it.”
The prime minister did not provide details about how the proposed system would operate, which blockchain networks might be involved or when a plan could be implemented.
Blockchain networks can facilitate transactions outside traditional banking infrastructure, although their use does not automatically eliminate sanctions compliance requirements or restrictions imposed on financial institutions.
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Netanyahu warns of declining US military assistance
The comments came as Netanyahu also warned that Israel should prepare for a future without the large military aid packages it has historically received from the United States.
“If you think we’ll continue receiving what I secured twice, tens of billions of dollars in American assistance for the defense budget, get organized and get used to it: it won’t happen, because America has changed,” Netanyahu said.
He described the eventual end of such assistance as a matter of time, without specifying when the changes might occur.
Netanyahu also argued that Israel should strengthen domestic defense production and reduce its dependence on foreign assistance.