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The Governor of the Lebanese Central Bank Criticizes Bitcoin as "Unregulated"

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The Lebanese Central Bank The Governor of the Bank of Lebanon (BDL) Riad Salameh asserted that Bitcoin and other currencies virtual products are "unregulated" products whose use should be prohibited. He also said that digital currencies will be ineffective as national currencies because they are only "goods".

At the opening ceremony of the 7th Lebanon Social Responsibility Forum in October 2017, Salameh told participants the use of cryptocurrencies across Lebanon because of their similar nature. to that of commodities. He further stated that the money would eventually be digitized in the future.

"These [Bitcoin] are not currencies but rather a commodity whose prices rise and fall without any justification, which is why BDL has banned We understand that electronic money will play a leading role in the future, but BDL must first make the necessary arrangements before taking this step and develop a system of protection against cybercrime. "

Lebanon launches its own digital currency

At the forum, Salameh also announced the central bank's plan to introduce its own digital currency, but it did not reveal whether the currency would be based on Blockchain technology, which is behind Bitcoin and other virtual currencies It is possible that BDL will use other forms of technology to create a centralized digital currency in Lebanon as do other countries.

Independent countries such as Ecuador and Sweden are studying the possible use of other technologies to create their own digital currency. Other nations like China are studying the use of Blockchain for their own digital currencies.

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Salameh did not provide a timetable on when the central bank will launch its digital currency. He claimed that digital money will be "available in the next few years".

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