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Bitcoin is an “Unregulated” Commodities.........Lebanese Central Bank Governor Cautions!

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The Lebanese central bank Banque du Liban (BDL) Governor Riad Salameh has cautioned that Bitcoin and other virtual currencies are “unregulated” commodities whose use should be prohibited.  

Salameh told participants that digital currencies will be ineffective as national currencies because they are just “commodities.”, which was the reason the BDL prohibited the use of the cryptocurrencies across Lebanon. He further claimed that money will eventually be digitized in the future.  

Fireinthebone gathered that the LCB Governor was speaking at a Corporate Social Responsibility Lebanon Forum, said. 

"These Cryptos are not currencies but rather a commodity whose prices rise and fall without any justification. For this reason, BDL has banned the use of this currency in the Lebanese market. We understand that electronic currency will play a prominent role in the future. But BDL must first make the necessary arrangements before taking this step and develop a protection system from cybercrime.”

He hinted that Lebanon plans to launch its own digital currency to be issued by the central bank, though he did not give a timeline.  He also did not reveal whether the currency will be based on Blockchain technology, which is behind Bitcoin and the other virtual currencies. 

He claimed that the digital money will “be available in the next few years.”

FIRE:  Money is irreversibly going to be digitalized in the nearest future, starting from Cashless countries where 70% to 95% of all business transactions are settled with Card...where banks, retail outlets and other businesses are no longer keen on accepting cash for the cost of holding it.

Friend, Jesus came looking for you. Give your heart to Him, Love the Lord with all your heart, strength and might.  Love your neighbour as yourself, hold no offence, no bitterness - the Lord is near you to help you!


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