Netanyahu seeking blockchain plan to prepare for possible sanctions

Israeli Prime Minister Benjamin Netanyahu said he has asked for a plan involving blockchain to help the country prepare for possible economic sanctions, including banking restrictions.

"We need to understand that there could be sanctions, including banking sanctions. You need to prepare an economy that can bypass them," Netanyahu said in an interview broadcast Friday on Israel's Channel 10, according to a translation of the Hebrew transcript. "You know what that means, and you know about the currencies that bypass this. I'm working on that too. There are other things as well."

The interviewer, Roy Katz, then asked whether Netanyahu saw blockchain as an alternative for dealing with economic sanctions on Israel.

"One of them, certainly. I have already asked for a plan to be prepared for that," Netanyahu replied.

Netanyahu did not say who would prepare the plan, which blockchain or currencies it might involve, or when it could be implemented.

Netanyahu said Israel also needs to prepare for an eventual end to U.S. military assistance. Referring to the tens of billions of dollars in aid he said he had secured, he warned that such support would not continue indefinitely.

"It's only a matter of time," he said.

Netanyahu said Israel must build not only its military strength but also its ability to independently manufacture ammunition and weapons. He said he had allocated an additional 400 billion shekels, or around $129 billion, to the defense budget over the coming years.

He also said Israel should prepare for a less favorable U.S. political environment after President Donald Trump leaves office.

"I can tell you with certainty: there has never been a president this friendly, and it's doubtful there will ever be another like him," Netanyahu said.