Riad Salameh announced Lebanon’s central bank plans to launch its own digital currency. It’s not clear if this Lebanese digital currency will be based on the blockchain technology, but the official said this currency will be available in the next few years.
It was at the 7th Corporate Social Responsibility Lebanon Forum that Salameh underscored cryptocurrencies, saying they are ineffective and work as “commodities”. Salameh said:
“Bitcoins are not currencies but rather a commodity whose prices rise and fall without any justification. For this reason, BDL has banned the use of this currency in the Lebanese market.”
The official also said that sooner than later, all the money will be, eventually, digitalized. However, he stated that his country needs to address cybercrime before moving forward. “We understand that electronic currency will play a prominent role in the future. But BDL must first make the necessary arrangement before taking this step and develop a protection system from cybercrime.”
Salameh wasn’t very clear about which kind of technology they will use to develop and make the digital currency work with. Countries like Ecuador and Sweden are exploring several options, while China is considering the use of the blockchain technology.
