Lebanon Ponzi Finance: World Bank Says Politicians Are to Blame for the ‘Deli...
Deliberately insufficient policy responses by successive Lebanese governments combined with the self-serving agreements by politicians are largely to blame for the country’s economic crisis, a report by the World Bank has said. The report concludes that the country needs to seriously engage “in the macro-fiscal, financial, and sector reforms the World Bank has been stressing for decades.” Politicians Defending ‘a Bankrupt Economic System’ In its latest report on Lebanon’s economic situation, the World Bank asserts that the Middle East....
Related News
Blythe Masters has been ranked #46 in Bloomberg's List of Most Influential People in Finance. She is the only representative of the FinTech industry in this list. List dominated by politicians. The list of 50 most influential people in the world of finance is dominated by politicians. 5 out of the top 6 spots are occupied by politicians of major nations – Theresa May (#1, PM of UK), Donald Trump (#2, US Presidential candidate), Hillary Clinton (#2, US Presidential Candidate), Xi Jinping (#4, Chinese President) and Angela Merkel (#6, Chancellor of Germany) Apart from politicians, central....
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....
Ponzi scheme: A fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator. Many of the under-informed, the under-educated, and the under-control masses have lobbed this parting shot at Bitcoin over the years. People tend to fear things that they don't understand, and will hide behind that fear with blind attacks that sound right, but are just as ignorant, if not more so. Bitcoin clearly does not fall into the definition of a "Ponzi....
Central bankers hope the CBDC will help restore confidence in Lebanon's shaky banking sector.
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....