Bank of Lebanon Joins The Bitcoin Advisory Bandwagon
In an ever-growing list of countries issuing public advisories about bitcoin and digital currency as a whole, Lebanon is also doing the same. Specifically, it's the Bank of Lebanon - and they have much similar things to say as previous nations who have issued warnings. In the advisory, dated December 19th, 2013, the Bank of Lebanon warns users that user funds in bitcoin are not in any way backed by the government, and funds sent to another party by means of digital currency either willingly or accidentally are non-reversible. The central bank also warns of the use of digital currency for....
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The Bank of Lebanon, the country's central bank, has issued a bitcoin warning, the first such warning in the region. The warning was issued on 19th December 2013 and outlines a number of risks associated with digital currencies, many of which we are all too familiar with. The Bank warns of several risks: Transactions made through unregulated networks cannot be guaranteed and losses cannot be recovered. Unauthorized and incorrect transactions using digital currencies are irreversible. The highly speculative nature of digital currencies and the fact that they are not guaranteed by any....
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A warning from the Bank of Lebanon, issued in mid-December, ran through a list of risks related to Bitcoin and cryptocurrencies in general. You probably have an idea already of what was said: · Transactions are unregulated, and thus no one can account for or recover losses. · Speculation has lead to price volatility. · Criminals can commit crimes with such money. · Terrorists can commit acts of terror with such money. · Money launderers can launder money with … well, you know. While not outright banning Bitcoin’s use, “the central bank of Lebanon warns against purchasing, keeping or using....
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