Lebanon to launch digital currency in face of economic and financial turmoil

[slaman29]

Didn't really realize until now how bad the situation was in Lebanon. Looks like all these countries relying so much on the US dollar are really having it hard now. Not sure if digital currency is the real answer if we look at the example of Venezuela and Petro, but at least now countries have to start thinking about fiat alternatives.

[escalante28]

This is already expected as massive cryptocurrency adoption is becoming more and more nowadays. There are lots of countries already that announced or already joined in supporting the cryptocurrency as well as the banks. And just recently Belarus Bank launches its own crypto exchange service.

Read full details here: https://crypto.co/news/belarusbank-launches-own-crypto-exchange-service/

[DU18]

By creating a digital currency, of course this is a good solution for the Lebanese government to face the economic and financial crisis that is currently hitting the country, the fact is that now the Lebanese currency has lost its exchange rate nearly 60% since the middle of last year and this has happened due to the cutting off bank access to their country's currency, of course, with the digital currency, the country of Lebanon will be able to implement a not cash money use of financial system so that it will be able to support finances and increase the flow of local and foreign money to the country of Lebanon.

[chanler]

Lebanon’s central bank plans to launch a new digital currency in 2021..

I read the article and it is only said about the digital currency, but it is not using Blockchain, right?
Or, I just misunderstood?
Well, actually, many countries are now implementing digital currency. And I don't know whether this will also succeed in that country. But let's expect the best for them.

I forgot about this, I read at the end of the article:

The growing confusion over Lebanese fiat triggered a wave of Bitcoin buying among locals, with peer-to-peer marketplaces like Localbitcoins seeing a sharp rise in activity.

Should we be happy over their condition?

https://worldpublicityblog.com/index.php/2020/11/14/lebanon-to-launch-digital-currency-in-face-of-economic-and-financial-turmoil/

[Renampun]

Lebanon’s central bank plans to launch a new digital currency in 2021 as part of a broader effort to combat a parallel economic and financial crisis that has engulfed the country.  READ THE COMPLETE DETAILS HERE: https://worldpublicityblog.com/index.php/2020/11/14/lebanon-to-launch-digital-currency-in-face-of-economic-and-financial-turmoil/

great news for all of us...
Other countries will certainly follow if it is proven that Lebanon's digital currency is Lebanon's way out of the crisis. This outbreak is making the economies of many countries dying, the digital currency revolution is urgently needed to create a safe exit.

[Yaunfitda]

Lebanon’s central bank plans to launch a new digital currency in 2021 as part of a broader effort to combat a parallel economic and financial crisis that has engulfed the country.  READ THE COMPLETE DETAILS HERE: https://worldpublicityblog.com/index.php/2020/11/14/lebanon-to-launch-digital-currency-in-face-of-economic-and-financial-turmoil/

great news for all of us...
Other countries will certainly follow if it is proven that Lebanon's digital currency is Lebanon's way out of the crisis. This outbreak is making the economies of many countries dying, the digital currency revolution is urgently needed to create a safe exit.

How will this a good news for all of us? This is just another crypto back by government, and just like fiat the government can have total control of their digital issued crypto. So there's no way that you should treat this a safe haven or safe exit that you are talking about. If you wanted to have a safe haven crypto, go to BTC and not a state sponsored digital fiat.

[Twinkledoe]

If it is launched it would be a censored currency that's why I do not think it is a win for the cryptocurrency communities. Also, I don't see the point of launching another crypto currency for their country rather than picking one of the already existing ones which might obviously have better features compared to theirs. I just know they want their very own coin to censor and control it the way the want.

If nothing else, this will be a good orientation to its citizens about the use digital currency. Once these individuals got a good grasp of their digital currency, for sure they will check out btc and other alts. And that will pave the way for them to understand the advantages of cryptocurrencies versus their digital currency. And more than likely, a lot of them will turn to crypto.

[StephenJH]

Digital currency spied by government agencies is not different from current cashless bank accounts, the purpose of crypto decentralization is a completely different idea. The financial system should only be monitored by states, the intervenes or taking control can change economy as a very bad consequences. The FED will not be interested to support new innovative cashless society ideas. If society is not ready for this challenge, spending billion on any industry will not be a profitable investment, this idea is true for government-backed cryptocurrencies.

[jcarlo]

I think China has a big influence on many countries to follow the steps of issuing blockchain-based digital money. There will be many central banks that issue digital money because they should keep up with the increasingly advanced times and also offer cheaper transaction fees

[Jackl87]

From what i have witnessed so far it seems that countries that are poor, unstable or have other problems (like lebanon in this case because of the huge explosion that happened in beirut) are the first ones which try to launch their own official digital currency.
I guess the reason for that is that it's pretty cheap and quickly done to create a digital currency compared to other measures.
Let's hope that this will help lebanon to come out of their current crisis, it would be good for their people and a good example for the success of a digital currency.

[kidbounty]

keep in mind, not all digital currencies are crypto. so there's no need to overdo it, this isn't anything special. and remember the central bank is not going to launch anything decentralized. So whatever you think about this news, you should know it won't have any impact on the crypto community.

[DU18]

If indeed the plan to issue this digital currency can overcome the economic crisis that is currently hitting Lebanon, of course the Lebanese government must immediately form a team to study crypto currencies thoroughly from all existing aspects because of course it will have positive and negative impacts. . Digital lebanon will be realized in 2021, after all, now not only lebanon is planning to launch a digital currency, previously there were several countries that had planned this in advance such as china, japan, sweden and venezuela.
So, news about countries that want to create Official cryptocurrencies are nothing new in my opinion right now.

[kindbtc]

Lebanon’s central bank plans to launch a new digital currency in 2021 as part of a broader effort to combat a parallel economic and financial crisis that has engulfed the country.  READ THE COMPLETE DETAILS HERE: https://worldpublicityblog.com/index.php/2020/11/14/lebanon-to-launch-digital-currency-in-face-of-economic-and-financial-turmoil/

I do not think that if the country is facing economic and financial turmoil, launching digital currency is the solution, the better thing to do is reform the economic policy and get rid of things that are harming the economy in Lebanon.

[Entei]

The centralization of the digital currency doesn't seem interesting to me because the main purpose is decentralization and, on the other hand, we can be happy with the initiative because the centralized governments of power are starting to think about taking paper money out of circulation to substitute for digital. I believe that in the near future, centralization will not last long due to the flexibility of the internet and the possibility that everyone has to increase their earnings. So the idea is interesting, but decentralization was lacking.

[cabron]

Would there be a difference if their digital currency is using blockchain?

I really think so because by having a blockchain and wallets are identified for every people in a corrupt country the corruption will be easily spotted compare to having still a digital currency that doesn't have a blockchain. Lebanon is just another country that will eventually be cashless too. They are one of the developing countries so its good progress for them.

[tbterryboy]

Lebanon’s central bank plans to launch a new digital currency in 2021 as part of a broader effort to combat a parallel economic and financial crisis that has engulfed the country.  READ THE COMPLETE DETAILS HERE: https://worldpublicityblog.com/index.php/2020/11/14/lebanon-to-launch-digital-currency-in-face-of-economic-and-financial-turmoil/

Y’know, I don’t really get all these ideas of government creating digital currency or cryptocurrencies, what exactly are these digital currencies, what is the purpose they are meant to serve? Is it an asset that the government will be selling to citizens and they will be buying it in form of an investment or is just another copy of the fiat money? I don’t see the use for this.

The conventional currencies we have can already be used electronically when you have a bank account. Banks these days has their mobile apps that you can use to send money to anyone, and there are POS terminals that allows people to pay with their cards in shops, etc. So, I’m still yet to understand why.

[Coyster]

I don’t see the use for this.

I don't as well, sometimes I think this is just about competition for some countries (China v America for example), competition on the basis of which country is doing better with the blockchain technology, and which is using this CBDC to better their economy, etc; while for other countries, they are prolly following the CBDC trend to see how it'll affect their economy positively, I think by the end of 2021, quite a lot of countries will have their own CBDC, and covid-19 should be in it's last days by then, so we'll be able to access if this CBDC thing will help countries economically/financially.

Having said that, users should draw the line between CBDC and Bitcoin, as they are different, one is centralized, while the other is decentralized, without any third party and zero manipulations whatsoever. CBDC's should be discussed on it's own without Bitcoin being mentioned.

[shoreno]

Lebanon’s central bank plans to launch a new digital currency in 2021 as part of a broader effort to combat a parallel economic and financial crisis

i don’t really get all these ideas of government creating digital currency or cryptocurrencies, what exactly are these digital currencies, what is the purpose they are meant to serve?

he already said its use . they create it in the hopes of solving financial and economic crisis . that idea can be better than printing more money because that can only cause another problem and wont solve the previous issues they are facing . many countries are already came up with that idea and as i can see it was succesful because people on those country are said to be using thier digital currency more than thier non digital local currency . let them do what they want to do , thats thier trip and if your worrying that this will have a negative impact to crypto well i dont think so because as you can see cryptos are now more stronger .

[themohit]

Lebanon’s central bank plans to launch a new digital currency in 2021 as part of a broader effort to combat a parallel economic and financial crisis that has engulfed the country.  READ THE COMPLETE DETAILS HERE: https://worldpublicityblog.com/index.php/2020/11/14/lebanon-to-launch-digital-currency-in-face-of-economic-and-financial-turmoil/

Developing countries can benefit from crypto greatly, glad that more of them take that unique opportunity

[tycsols]

Lebanon’s central bank plans to launch a new digital currency in 2021 as part of a broader effort to combat a parallel economic and financial crisis that has engulfed the country.  READ THE COMPLETE DETAILS HERE: https://worldpublicityblog.com/index.php/2020/11/14/lebanon-to-launch-digital-currency-in-face-of-economic-and-financial-turmoil/

Iran has some international restrictions so they are forced to use and deal with cryptocurrency at a givernmental and official level and that is why the govt. There encourages use and mining of top crypros like btc and eth and also use them as payment method across the globe.
In case of Lebanon i do not know how a digital currency will help them come out of the economic and financial turmoil.