Bank of Israel Says Crypto Cannot Bypass Sanctions

The Bank of Israel said Saturday evening that cryptocurrency cannot provide a route around sanctions and that participation in the global economy cannot rest entirely on digital currencies. The central bank urged Israel to preserve economic ties with its principal trading partners and focus on preventing sanctions and the harm they could cause the economy. It said responsibility for that effort lies with the political leadership. The response followed Prime Minister Benjamin Netanyahu's remarks about preparing alternatives to the existing financial system in case Israel faces banking sanctions.