Beautiful Virgin Islands

Monday, Aug 04, 2025

Lebanon Central Bank Plans to Introduce Digital Currency in 2021

Lebanon Central Bank Plans to Introduce Digital Currency in 2021

The Lebanese Central Bank Banque Du Liban (BDL) plans to introduce a digital currency to replace its Lira next year in an effort to restore confidence in the banking sector and transition into a cashless system amid economic and financial crisis.
The announcement was made by Governor Riad Salameh who told a meeting of government officials Monday that “We must prepare a Lebanese digital currency project” as a means to restore confidence in the banking system.

Salameh also urged banks to begin restructuring, including recapitalization by 20%, Bloomberg reported.

“Lebanon doesn’t have any natural resources and we have to keep the gold because its an asset that could be liquidated in foreign markets if we face an inevitable, fateful crisis,” Salameh was cited as saying by the state-run National News Agency.

Lebanon relies heavily on remittance payments. According to Cointelegraph who cited the World Bank, in 2019 alone, “personal remittances represented nearly 14% of Lebanese gross domestic product.” They added, “that figure was as high as 26.4% in 2004.”

Salameh added that Lebanon would persevere its gold reserves as a hedge against a potential wider financial crisis. If such a crisis does transpire, the central bank would then be able to liquidate its bullion on foreign markets for urgent assistance.The CBDC (Central Bank Digital Currency) project has long been in the making with Salameh issuing a statement in 2018 during his keynote speech at Al-Iktissad-Wal-Aamal Anti Cyber Crime Forum in Beirut, that the Lebanese Central Bank, as well as the majority of Central Banks, will be implementing blockchain technology, as Unlock-BC reported.

One year later in 2019, Salameh pressed that same message, stating that a “virtual Lebanese pound” was coming. However, in actuality, Lebanon’s idea of creating a cryptocurrency goes back to as far as 2013, when the country started exploring a digital currency, Lecommercedulevant reported. According to the news agency, the BDL stated the importance of, and the risks linked to, the development of cryptocurrencies.

It’s also worth noting that in 2018, the Lebanese Parliament adopted a law on electronic transactions and personal data. Article 61 of the law makes the first official mention of “electronic and cryptocurrencies” in a jurisdictional text. The Parliament dodged the issue by giving the Central Bank full responsibility on the enactment of a regulatory framework for these currencies, reported Malta News Agency.

Last year, Lebanese banks shuttered to prevent a bank run while heavily restricting banking access. This caused those in the country to begin purchasing and using Bitcoin as Coindesk reported at the time.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
×