Lebanon's Central Bank Issues Bitcoin Warning
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....
Related News
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....
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....
Central bankers hope the CBDC will help restore confidence in Lebanon's shaky banking sector.
The Central Bank of Egypt (CBE) has issued a fresh warning about cryptocurrency, noting that violators could face imprisonment. The Egyptian central bank’s law “prohibits issuing, trading, or promoting cryptocurrencies, creating or operating platforms for trading it, or carrying out related activities.”
Crypto Warning Issued by Egypt’s Central Bank
The Central Bank of Egypt (CBE) has renewed its warning about all types of cryptocurrencies, citing a number of risks, including high volatility, use in financial crimes, and e-piracy, Egypt....
Barclays Bank, one of the largest banks in the world, has today issued a warning on the nascent digital currency Bitcoin arguing that it is not backed by any government or central bank and the deposits are not insured. The warning follows numerous similar warnings by Consumer Financial Protection Bureaus in the aftermath of the still mysterious downfall of MT Gox. Barclays urges its customers to beware of hackers and scammers and beware of rate fluctuations as well as general advice such as carefully read the contract and know with who you are dealing. Absent from the warning however is....