Bank of Israel rejects Netanyahu's plan to dodge sanctions with crypto in the week he faces re-election

More than 100 economists put their names to a letter on Sunday expressing grave concern, among them former central bank governor Jacob Frenkel and a number of Nobel laureates. They warned that banking sanctions would drive unemployment sharply higher and drive out foreign investment. Benjamin Netanyahu had floated the idea on Channel 10 on Friday, prompting the Bank of Israel to respond that crypto 'cannot be used as a route for bypassing sanctions'.

Netanyahu said Israel must 'set up a bypass economy', calling crypto 'very true'.

He insists he will weigh the bank's criticism but keep the final decision.

Economists warn Israelis could lose credit cards and access to Amazon and AliExpress.