London Daily

Focus on the big picture.
Tuesday, Jul 22, 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

0:00
0:00
Close
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
×