Central Bank of Lebanon considering launching digital currency!

The Governor of the Central Bank of Lebanon (BDL) Riad Salameh said that the bank is considering launching a digital currency in the coming years. Salameh will supervise the project. Also, he mentioned that the Special Investigation Commission and the Banking Control Commission would take the necessary steps to make sure that the currency is entirely protected from cybercrimes. In fact, digital currency, such as bitcoin, is widely used around the world. People usually use these types of currencies when making purchases online. However, BDL prohibits the use of cryptocurrencies for many safety reasons. Salameh mentioned that these currencies do not function conventionally: the prices fall and rise for no apparent reason. He gave the example of Bitcoin: while one bitcoin was worth $13 in 2012, it is currently worth over $6,000. Information technology and cybersecurity consultant Jacques Bakaev commented on this matter. He noted that a blockchain system, which is a digital registry that records transactions made in cryptocurrencies, is needed to launch a local digital currency. Without a local blockchain, it would be hard to regulate transactions and apply local laws such as the banking secrecy law. The Central Bank of Lebanon is always looking forward to protecting the stability of the Lebanese pound and the consumers. In fact, the Central Banker Report Cards recently ranked Governor Riad Salameh among

the world’s nine best central bank governors

! Salameh managed to maintain the economic stability of Lebanon despite the situation in the country and neighboring regions. According to the World Bank, the GDP in Lebanon grew by 2.5% in 2017. Also, the Governor protected the value of the Lebanese pound and kept it stable.

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