Lebanon Preparing Central Bank Digital Currency for 2021 Rollout
Central bankers hope the CBDC will help restore confidence in Lebanon's shaky banking sector.
Nov 10, 2020 at 4:32 p.m. UTCUpdated Aug 19, 2021 at 5:32 a.m. UTC
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Lebanon's chief central banker said the country is preparing a national digital currency (CBDC) for a 2021 debut.
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- Banque Du Liban Governor Riad Salameh told state-run media Tuesday the CBDC project is part of a "regulatory mechanism" to restore confidence in Lebanon's troubled banking sector.
- Lebanon's private banks have deep ties to the government, which defaulted on its debts in March. Neither institutions garner much trust from the public. Lebanese citizens currently store over $10 billion in their homes, Salameh said.
- CBDC will also help Lebanon move to a "cashless system" that enables more seamless cash movement locally and abroad, he said.
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