Lebanon Preparing Central Bank Digital Currency for 2021 Rollout

Lebanon's central bank governor says the country, whose lira has been in freefall, is preparing to launch a digital currency in 2021. Lebanon’s central bank plans to launch a new digital currency in 2021 as part of a broader effort to combat a parallel economic and financial crisis that has engulfed the country.Central bank governor Riad Salameh told a gathering of officials Monday that “We must prepare a Lebanese digital currency project” as a way to shore up confidence in the banking system."As for the monetary supply in the Lebanese market, it is estimated that there are $10 billion....

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....

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....

According to Patrick Njoroge, the governor of the Kenyan central bank, the significant number of non-smartphones that are in use in Kenya means launching a central bank digital currency (CBDC) now may be premature and could lead to many citizens being financially excluded. Central Bank Mulls Delaying CBDC Rollout The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has suggested the lack of access to smartphones of more than half of Kenya’s mobile phone users is working against its plan to launch a CBDC. He warned the central bank may be forced to delay its....

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....