Israeli Prime Minister Benjamin Netanyahu’s request to study cryptocurrency and blockchain payment options has drawn a warning from opposition leader Gadi Eisenkot about risks to firms, savings and investment.
Anadolu Ajansı reported Oct. 25 that Eisenkot made his criticism in an X post Saturday, Oct. 24. The outlet said Netanyahu had asked for an economic review of payment alternatives, including crypto and blockchain, in case international sanctions affected Israeli banks. Netanyahu’s reported request was to examine options; the report said he did not propose withdrawing Israel from the global financial system. Eisenkot argued that the exercise could lead to financial isolation.
Eisenkot focused on Israeli businesses with overseas customers. He questioned whether technology companies could collect payments or attract foreign investment if they had to work around international banks. He also raised doubts about foreign buyers’ ability to acquire Israeli companies under those conditions. He warned that companies could move abroad, savings and investment could suffer, and fewer jobs could leave less for health care and education.
Anadolu Ajansı also said Israeli media had quoted a senior economic official, who was not named, as questioning whether alternative financial technologies could get around banking sanctions. The official warned that discussing such an approach could harm the economy.
The outlet placed the debate amid international pressure related to the Gaza war, settlement expansion and attacks in the occupied West Bank. In the same remarks, Netanyahu also cautioned that U.S. military aid would not continue indefinitely and urged Israel to prepare for that possibility and strengthen its military self-reliance, Anadolu Ajansı reported.
Netanyahu and Eisenkot are seeking to lead the next government in the Knesset vote scheduled for Tuesday, Oct. 27.
