The Lebanese central bank intends to launch its own digital currency in the very near future, its head said this past week.
Riad Salameh, governor of the Banque Du Liban (BDL), has announced that the bank will launch its own digital currency within a few years.
“We understand that electronic currency will play a prominent role in the future,” he said. “But BDL must first make the necessary arrangement before taking this step and develop [a] protection system from cybercrime.”
“Both the Special Investigation Commission and Banking Control Commission are cooperating to prevent such electronic crimes,” he revealed, speaking at the 7th CSR Lebanon Forum.
According to the governor, the new digital currency would fall under Lebanese law and be monitored by BDL, although he declined to detail how and when the launch will be.
He also repeated his opposition to the use of bitcoin in Lebanon, claiming that it is not well regulated, and thus a big threat to the consumer and payment systems.
“These [bitcoin] are not currencies but rather a commodity whose prices rise and fall without any justification. For this reason, BDL has banned the use of this currency in the Lebanese market,” he added.