Lebanon prepares its own digital asset
Due to the economic crisis, the central bank of the region is working to have its cryptocurrency by 2021
The Central Bank of Lebanon announced that it plans to launch its own cryptocurrency next year.
As indicated by the financial institution of the region, this measure is taken in order to combat the economic and financial crisis they are going through.
Riad Salameh, governor of the bank, indicated that “a Lebanese digital currency project should be prepared”, as part of the strategy to increase confidence in the banking system.
“As for the money supply in the Lebanese market, it is estimated that it accounts for 10 billion dollars stored inside houses,” Salameh said.
Salameh also added that this project will help create a financial system that does not use cash as its main pillar, and also helps to improve the flow of money locally and abroad.
Lebanon is highly dependent on remittances from its vast global diaspora. In 2019, personal remittances accounted for almost 14 % of Lebanese GDP, according to the World Bank. That figure reached 26.4 % in 2004.
K. Tovar
Source: Cointelegraph
