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Lebanon Preparing Central Bank Digital Currency for 2021 Rollout
Central bankers hope the CBDC will help restore confidence in Lebanon's shaky banking sector.
By Danny Nelson
Updated Sep 14, 2021, 10:29 a.m. Published Nov 10, 2020, 4:32 p.m.
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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.
- Salameh has advocated for a Lebanese CBDC since at least November 2017.
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