Israeli central bank and Web3 executives oppose Netanyahu's proposal to use cryptocurrency to circumvent sanctions.

Israeli Prime Minister Benjamin Netanyahu's proposal to use cryptocurrencies to circumvent potential banking sanctions has drawn opposition from the Bank of Israel. Addressable CEO Tomer Sharoni and Orbs CEO Ran Hammer warned that such statements could trigger additional scrutiny of Israeli cryptocurrency businesses by overseas exchanges and banks, damaging the reputation of the local Web3 ecosystem. Sharoni stated that Israel should establish a regulatory sandbox jointly by the Bank of Israel, the Israel Securities Authority, and the Capital Markets Authority, and create a licensing system for virtual asset servicers that complies with the EU's Crypto Asset Market Regulation (MiCA) and the Financial Action Task Force (FATF) travel rules, while also addressing the issue of banking service access. (Source: Bitcoin.com News)