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Lebanon is Expected to Launch CBDC in 2021

11 November 2020 16:10, UTC
Lebanon is Expected to Launch CBDC in 2021

Bloomberg, citing the Lebanese National News Agency, reports that Lebanon's central bank intends to launch a digital currency next year. According to the statement, the CBDC is intended to strengthen "confidence" in the country's banking system.

Riad Salameh, Governor of Lebanon's central bank, announced in mid-2019 that such a project was under development. At that time, the goal of the project was to provide the local economy with a solution in the form of a purely cashless transaction system, but at that time the problems of money laundering and security had not yet been solved.

If the CBDC is launched, Lebanese central bank will join a growing number of entities implementing such projects. At the moment, China, France, Sweden and a number of other countries that have previously announced the possibility of using CBDC can be distinguished among the leading countries in the field of digital currency research.

Image: Bloomberg



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