Economists and Business Leaders Warn Against Crypto Response to Banking Sanctions

Senior economists and business leaders released a statement on Sunday warning that cryptocurrency would not shield Israel’s economy from possible banking sanctions. Signatories including Joel Mokyr, former Bank of Israel governor Jacob Frenkel and Aaron Ciechanover cautioned that such restrictions could harm banks, exporters, investment and employment. They also warned of disruption to credit-card payments, international purchases, remittances by foreign workers, and imports of medicines and medical equipment. The statement responds to Prime Minister Benjamin Netanyahu’s suggestion of preparing a cryptocurrency-based response; it describes potential consequences rather than sanctions already imposed.