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Lebanon prepares the development of its own CBDC following the economic crisis

Lebanon prepares the development of its own CBDC following the economic crisis

Quick take

1 minute read

  • The central bank of liberty is getting ready to launch its own cryptocurrency in 2021. 
  • This comes as part of the country's effort to broaden its effort to fight the economic and financial crisis that has swamped the nation.

The central bank of Lebanon is getting ready to launch its own cryptocurrency in 2021. This comes as part of the country's effort to broaden its operations to fight the economic and financial crisis that has swamped the nation.

Riad Salameh, the governor for the central bank in the country told a gathering of officials earlier this month on the 9th of November that they need to prepare a digital currency project for the country. He added that this would boost confidence in the banking system for Lebanon.

He further went on to say:

"As for the monetary supply in the Lebanese market, it is estimated that there are $10 billion stored inside homes.”

Furthermore, Salameh said that a digital currency project launched in 2021 could help integrate a digital financial system which would help enhance the flow of money both locally and abroad.

Interestingly, the central bank governor said that the country will maintain its goals reserves as a hedge against a wider market crisis and if such a time ever came, the central bank would be able to liquidise its bullion on foreign markets for immediate release.

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