• Home
  • Login
  • Register
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
SUBSCRIBE
No Result
View All Result
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
Currency Insider
No Result
View All Result

Lebanon to Launch Digital Currency in 2021, Central Bank Governor Says

by CBDC Insider
November 13, 2020
in Asia, Business
Reading Time: 1min read
0
Lebanon to Launch Digital Currency in 2021, Central Bank Governor Says
Share on FacebookShare on Twitter

The plan as part of a broader effort to fight a parallel economic and financial crisis that has engulfed the country, according to CoinTelegraph. The country’s central bank has been pondering over the idea of a state-run digital currency since at least 2018. Efforts accelerated earlier in 2020 after violent protests and silent bank runs brought Lebanon’s financial system to a stop.

Faced with a dollar crisis, banks tightened restrictions on foreign currency transactions, with at least one major institution limiting withdrawals to just USD 400 a month. A plunging Lebanese lira made it almost impossible to transact in the local currency.

In June 2020, protestors set fire to the central bank in Tripoli, angry over the collapse of the lira, which would eventually plunge to more than 5,000 per dollar before restabilising. The growing confusion over Lebanese fiat triggered a wave of Bitcoin buying among locals, with peer-to-peer marketplaces like Localbitcoins seeing a sharp rise in activity.

RELATED STORIES

Ripple and Digital Euro Association Unveil CBDC and Digital Assets Whitepaper

Ripple and Digital Euro Association Unveil CBDC and Digital Assets Whitepaper

March 28, 2023
Kuroda Says BOJ Needs to Be Ready to Issue Digital Yen

Kuroda Says BOJ Needs to Be Ready to Issue Digital Yen

March 28, 2023

The central banker added that a digital currency project to be launched in 2021 will help implement a cashless financial system to enhance the flow of money locally and abroad. At the moment, it is estimated that there are USD 10 billion stored inside homes, with Lebanon relying heavily on remittances from its vast global diaspora.

If you are interested to learn more about the topic of CBDC, feel free to check our central bank digital currency series here.

Read more: https://thepaypers.com/cryptocurrencies/lebanon-to-launch-digital-currency-in-2021-central-bank-governor-says–1245686

Previous Post

Russia Proposes New Rules and Penalties for Cryptocurrency Owners

Next Post

Bank of England’s Bailey Pours Cold Water on Facebook’s Libra

Next Post
Bank of England’s Bailey Pours Cold Water on Facebook’s Libra

Bank of England's Bailey Pours Cold Water on Facebook's Libra

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register