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Lebanon Looking forward to Developing a State Cryptocurrency

Oct 31, 2017 Posted /  2390 Views

Lebanon Looking forward to Developing a State Cryptocurrency

Lebanon to Launch its Own cryptocurrency

Having acknowledged the significance of virtual currency for the development of its financial sector, lebanon is set to launch its own version of cryptocurrency. This was revealed by the governor of the central Bank of Lebanon, Mr. Riad Salamé during a recent event in the city of Beirut. However the governor hints on the associated risks the Bank will need to handle critically before embarking on any such attempt. The top most on the list being cybercrime which could lead to loss of money.  The lebanese investigation commissioned and the Banking control commissions ought to work together once the cryptocurrency is launched to curb cyber crime. without  giving the timeline under which the bank is working to ensure the new cryptocurrency is launched the govern highlighted that the cryptocurrency will be under the Control of  Banque du Liban, the central bank of lebanon.

Bitcoin Became the centre of criticism

The central Bank Governor however hinted that Bitcoin and other cryptocurrency is a major problem to the Lebanese payment systems. He Cited that Bitcoin is not a currency but rather a commodity whose prices rises and fall without any clear justification. And claims for that same reason the Lebanese government put a ban of Bitcoin and other cryptocurrencies in the country. The governor adds that the country can have it’s own cryptocurrency ready within the next few years. Even Though the governor felt that Bitcoin and other cryptocurrencies is a threat to users in the country he feels the national currency is not threatened by Bitcoin or any other relating Cryptocurrency. He boasts that the bank holds the country’s foreign reserve value equivalent to more than 43 Billion dollars. Following up the issue a disgruntled lebanese citizen comment on a news report saying,

Lebanon is one of the most corrupt countries worldwide, the central bank included. Banking services are ridiculous and controlled by monopolies and political vested interests. I doubt there will ever be a Lebanese digital currency, it's just hot air to say that they are up to date with the rest of the world, when in fact they are far from it. Look at the countries that are banning bitcoin, they all have one thing in common. Oppression.

Whether it’s oppression or a country's financial paths Bitcoin is not receiving green go lights in every countries around the world.

The future of Bitcoin in Lebanon

Legally Bitcoin has been Banned in lebanon implying that any such Bitcoin activity in the country is liable to punishment by the law of the land. Meanwhile it’s actually hard to eliminate Bitcoin activities in the country a lot of advances which comes with operating legally within a region is stripped off. This Bitcoin traders can face low trade volumes as most users would prefer to keep their coins intact.

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Tags: cryptocurrency Banned in lebanon future of bitcoin virtual currency new cryptocurrency version of cryptocurrency

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