Bank of Israel and 109 economists reject Netanyahu's crypto sanctions idea days before the vote

One hundred nine economists, executives and former officials have signed a letter rejecting Prime Minister Benjamin Netanyahu's suggestion that cryptocurrency and blockchain could help Israel if banking sanctions hit, Ynetnews reported Sunday, citing Calcalist [1]. Le Coin has not obtained the letter text or a Bank of Israel primary page; the wording and signatory names below are attributed to Ynetnews.

Ynetnews says the signatories include 2025 economics Nobel laureate Joel Mokyr, chemistry Nobel laureate Aaron Ciechanover and former Bank of Israel governor Jacob Frenkel, along with other former Finance Ministry and central-bank officials and technology executives [1]. It quotes the letter calling Netanyahu's idea "a bizarre solution commonly used by criminal organizations," and says the writers warn that such an approach would not protect Israel from the consequences of international financial isolation [1]. The same report notes an earlier letter last week from more than 60 economists and former senior officials that also raised isolation and sanctions concerns, and says the new appeal broadens that coalition into high-tech, venture capital and law firms [1].

Separately on Saturday, Ynetnews attributed to Israel's central bank the line that cryptocurrencies "cannot serve as a means of circumventing sanctions," and that the priority is maintaining trade ties with main partners [2]. That Bank of Israel statement is the prior institutional pushback Le Coin already covered; it is not presented here as a signature on the new letter. Le Coin still has not captured a boi.org.il primary for either statement.

Netanyahu's Friday remarks, as summarized in Sunday's Ynetnews report, said Israel must prepare an alternative economic system capable of bypassing banking sanctions, with blockchain among the options [1]. Ynetnews also places the letter against a backdrop in which comprehensive banking sanctions are described as an extreme scenario not currently being advanced by any government, with narrower measures already in place elsewhere focused largely on settlements [1]. Neither the letter as quoted nor the bank's Saturday lines, as carried by Ynetnews, announce a new law or a finished crypto plan.

Israel holds a national election on Tuesday, Oct. 27. What, if anything, follows the vote on a crypto or blockchain sanctions-workaround plan remains open on the public record Le Coin has read.

Sources

1. Adrian Filut, "'A solution used by criminal gangs': top economists blast Netanyahu's crypto sanctions plan," Ynetnews (Calcalist), published Oct. 25, 2026, about 3:14 a.m. ET (07:14 UTC), https://www.ynetnews.com/business/article/syqpcmjhgl, accessed Oct. 25, 2026, 12:20 p.m. ET. Letter text not obtained by Le Coin; quotes and signatory names attributed to Ynetnews.
2. Ynetnews, "Bank of Israel rejects Netanyahu's crypto plan: 'Digital currencies cannot bypass sanctions,'" Oct. 24, 2026, https://www.ynetnews.com/business/article/byqyxv93gl, accessed Oct. 25, 2026, 12:20 p.m. ET. Verbatim BoI English lines used in Le Coin's Oct. 24 LIVE piece; Bank of Israel primary still not obtained.

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