Netanyahu floats crypto to bypass possible sanctions; Bank of Israel and economists object
In a Channel 10 interview, Prime Minister Netanyahu suggested Israel could use cryptocurrency to bypass potential sanctions on its banks. The Bank of Israel, over 100 economists and election rivals criticised the idea days before the vote.
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The story, neutrally told
Mixed · 2Prime Minister Benjamin Netanyahu said in an interview with Israel's Channel 10 on Friday 23 October that he was preparing for a scenario in which broader sanctions were imposed on Israel, including sanctions on banks. The Straits TimesRC “In an interview with Israel's Channel 10 on Friday, Netanyahu said he was preparing for a scenario in which broader sanctions were imposed on Israel.” Read at The Straits Times ↗ Al JazeeraLC “Netanyahu on Friday said that blockchain-based cryptocurrency is the solution to bypass the mounting economic sanctions” Read at Al Jazeera ↗ Mixed · 2"There could be sanctions, and sanctions on banks so you need to set up a bypass economy," he said, adding that "there are currencies that can bypass (sanctions). We are also working on that." Asked if he meant cryptocurrency, he replied "Very true, very true", and named blockchain technology as another possibility. The Straits TimesRC “Asked whether he was referring to cryptocurrency, Netanyahu replied: "Very true, very true," adding that blockchain technology was another possibility.” Read at The Straits Times ↗ Hindustan TimesN “"There could be sanctions, and sanctions on banks so you need to set up a bypass economy," Netanyahu said.” Read at Hindustan Times ↗ Right · 1The comments came days before Tuesday's election, in which polls point to a possible stalemate between Netanyahu's coalition and an opposition alliance. The Straits TimesRC “Opinion polls point to a potential stalemate in the election with neither Netanyahu's ruling coalition nor an opposition alliance securing a governing majority in parliament.” Read at The Straits Times ↗
Mixed · 2Reuters reported the context as growing diplomatic isolation: last month Britain, France and Canada said they would block imports from Israeli settlements in the West Bank. Al Jazeera adds that at least 12 major economies pledged coordinated measures against settlements, and that the Netherlands, Spain and Ireland and the EU have taken steps of their own, but that Israel's banking system has not yet been targeted by sanctions. The Straits TimesRC “Britain, France and Canada said they would block imports from Israeli settlements in the West Bank” Read at The Straits Times ↗ Al JazeeraLC “Israel's banking system has not yet been targeted by sanctions.” Read at Al Jazeera ↗ Mixed · 2The Bank of Israel issued a rare rebuke, saying cryptocurrencies cannot serve as a route to bypass sanctions and that the right course is to preserve economic ties with main trading partners and prevent sanctions. Al Jazeera reports Netanyahu replied that he was grateful for the advice, "But I do what I think [is best]." The Straits TimesRC “The comments drew a rare rebuke by the Bank of Israel, which said crypto currencies cannot serve as a route to bypass sanctions” Read at The Straits Times ↗ Al JazeeraLC “However, Netanyahu responded by saying that he is grateful for the bank’s advice, “But I do what I think [is best].”” Read at Al Jazeera ↗ Mixed · 2On Sunday more than 100 economists, including former Bank of Israel officials, ex-governor Jacob Frenkel and several Nobel laureates, signed a letter warning of higher unemployment, falling foreign investment and damage to Israel's standing, citing South Africa, Iran and Russia, and calling crypto a solution "accepted in criminal organizations". The Straits TimesRC “They said it would lead to higher unemployment, a fall in foreign investment and the collapse of Israel's economic standing in the world.” Read at The Straits Times ↗ Hindustan TimesN “one accepted in criminal organizations, that will not help in the slightest” Read at Hindustan Times ↗
Mixed · 2Netanyahu's main election rival Gadi Eisenkot called the plan "madness" and warned of a "BibiCoin policy"; opposition leader Yair Lapid said Netanyahu had "gone off the rails" and invoked bread queues as in Russia and Iran. The Straits TimesRC “called the crypto plan "madness" and said he feared that the "BibiCoin policy" would drive companies abroad and undermine national security.” Read at The Straits Times ↗ Hindustan TimesN “Netanyahu has gone off the rails” Read at Hindustan Times ↗ Left · 1Al Jazeera's explainer says crypto could serve as a parallel payment channel, as Russia reportedly has used it, but cannot replace conventional banking at the scale of a modern economy and would not remove the legal and financial-isolation problems of sanctions; it also quotes Netanyahu warning that US financing will end after President Trump's tenure in two years. Al JazeeraLC “But crypto cannot replace conventional banking at the scale of today’s economy.”““It [financing] will end. It is only a matter of time,” Netanyahu said” Read at Al Jazeera ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left1 outlet
- Framing
- Explainer on whether crypto can really evade sanctions, set against Israel's conduct in Gaza and the West Bank.
- Emphasis
- Technical limits of crypto, legal risk, ICC/ICJ proceedings, Gaza death toll.
- Leaves out or plays down
- Does not mention Lapid's remarks or the election polling stalemate.
- Charged language
- “genocidal war on Gaza”“Greater Israel project”“extreme policies”
- For example
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“amid growing global isolation over its genocidal war on Gaza and settlement expansions in the occupied West Bank” — Al Jazeera
Centre2 outlets
- Framing
- Reuters copy leading on backlash from over 100 economists.
- Emphasis
- Economists' warnings and political criticism.
- Leaves out or plays down
- No analysis of crypto's practical limits; no ICC/ICJ context.
- Charged language
- “faces backlash”
- For example
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“More than 100 economists warn that international sanctions could hurt Israel's employment, foreign investment, living standards and economic standing.” — Hindustan Times
Right3 outlets
- Framing
- Reuters copy framed as Netanyahu being rebuked ahead of the election.
- Emphasis
- Bank of Israel rebuke, rivals' criticism, election stalemate.
- Leaves out or plays down
- No analysis of crypto's practical limits; no Gaza or court context.
- Charged language
- “rebuked”
- For example
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“Prime Minister Benjamin Netanyahu, who faces re-election this week, is drawing criticism from economists and political rivals” — The Straits Times
What every side reports
- Netanyahu spoke to Channel 10 on Friday and said crypto/blockchain could help bypass possible sanctions.
- The Bank of Israel rejected the idea.
- More than 100 economists and ex-officials signed a letter against it.
- Gadi Eisenkot and Yair Lapid criticised the plan ahead of Tuesday's election.
Where accounts differ
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Context of the sanctions threat
- Left
- Al Jazeera attributes isolation to Israel's 'genocidal war on Gaza', settlement expansion and the 'Greater Israel project'.
- Centre
- Hindustan Times (Reuters) cites the settlement-import bans by Britain, France and Canada as context.
- Right
- The Straits Times (Reuters) cites the settlement-import bans and growing isolation among traditional allies.
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Israel is working on cryptocurrency and other currencies as a way to bypass potential sanctions on its banks.
Reported- Reports 3
- Al Jazeera, Hindustan Times, The Straits Times
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Cryptocurrencies cannot serve as a route for bypassing sanctions.
Reported- Reports 3
- Al Jazeera, Hindustan Times, The Straits Times
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More than 100 economists signed a letter warning the plan would harm Israel's economy.
Reported- Reports 3
- Al Jazeera, Hindustan Times, The Straits Times
Benjamin Netanyahu person
Says Israel must prepare a 'bypass economy' for possible bank sanctions, confirms crypto and blockchain are options, and says he does what he thinks best despite the central bank's advice.
“"There could be sanctions, and sanctions on banks so you need to set up a bypass economy,"” — The Straits Times
““But I do what I think [is best].”” — Al Jazeera
Left1 article
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Netanyahu’s pitch: Can Israel use crypto to evade economic sanctions?
Critical Explainer questioning feasibility, placed within a strongly critical account of Israeli policy.
Centre3 articles
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Hindustan TimesN · · via Reuters
Netanyahu explores cryptocurrency to bypass economic sanctions, faces backlash
Critical Reuters wire in Hindustan Times leading on the economists' warning and the backlash.
Right3 articles
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The Straits TimesRC · · via Reuters
Netanyahu rebuked for plan to use crypto to bypass economic sanctions
Critical Reuters wire in the Straits Times presenting the plan as drawing rebukes from the central bank, economists and rivals.
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- 25 Oct 03:58 First Anadolu AgencyN Opposition leader says Netanyahu ‘no longer fit’ to lead Israel
- 25 Oct 07:41 +3h 43m Anadolu AgencyN Cryptocurrencies cannot circumvent sanctions: Bank of Israel responds to Netanyahu
- 25 Oct 11:28 +7h 30m The Jerusalem PostRC 'Of no help whatsoever': Economists, entrepreneurs call out Netanyahu for 'bizarre' crypto plan
- 25 Oct 11:45 +7h 47m The Straits TimesRC Netanyahu rebuked for plan to use crypto to bypass economic sanctions via Reuters
- 25 Oct 11:48 +7h 50m Arab NewsRC Netanyahu rebuked for plan to use crypto to bypass economic sanctions via Reuters
- 25 Oct 12:13 +8h 15m Hindustan TimesN Netanyahu explores cryptocurrency to bypass economic sanctions, faces backlash via Reuters
- 25 Oct 14:46 +10h 48m Al JazeeraLC Netanyahu’s pitch: Can Israel use crypto to evade economic sanctions?
Times are when each article was published, or when we first saw it if the outlet gave no time.
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