'BibiCoin policy': Netanyahu faces backlash over plan to use crypto to bypass sanctions

Israeli Prime Minister Benjamin Netanyahu has drawn a rare rebuke from the Bank of Israel after suggesting that cryptocurrency and blockchain technology could help the country circumvent potential international sanctions.In an interview with Israel's Channel 10 economic network on Friday, Netanyahu said he was preparing for a scenario in which foreign governments could impose sanctions on Israeli banks. “There could be sanctions, and sanctions on banks so you need to set up a bypass economy,” he said, confirming that he was referring to cryptocurrency when asked directly. He added that blockchain technology was another possibility and that he had asked his advisers to prepare a plan.The central bank rejected the proposal in a statement on Saturday, saying cryptocurrencies “cannot be used as a route for bypassing sanctions”.