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

[mamamu111]

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/

[ChrisPop]

"state-run digital currency" - that's all I needed to see. 

A state-run digital currency is like electronic cash in our bank accounts. Nothing different. Cryptocurrencies on the other hand are decentralized by nature. At least that's what they represent in my mind.
They should adopt and encourage Bitcoin utilization, not create a virtual currency just because people are holding money in ther houses. It's a petty.

[Sebas.tian]

We should expect more of these news to come in 2021 becasue the world has started drifting from the fiats to digital currency. Those country are just metamorphosing from a shallow centralized fiats system to a digital shallow system which means, the oppressors are still at liberty to oppress the freedom of the citizens. Nobody want to be left behind(countries), they are just trying to seize this opportunity brought to us by Bitcoin but the good news is: they can't. Congratulations to Lebanon government for this move.

[Argoo]

Now about 80 percent of states are working on the issue of their national digitized currencies and this must be recognized as a positive moment in the reorganization of the efficiency of the financial system of society.  Digital technologies are increasingly penetrating all areas of human life.  One of the most significant developments in the field of the emergence of stablecoins of central banks of states is expected to be issued by the Chinese government of the digitized yuan in the near future.  This national stablecoin is already completing testing and the country's government is preparing legal documents for its circulation.  These documents could have far-reaching implications for the existence of other stablecoins, as the digitized yuan is declared property of China and therefore prohibited from being used by others as collateral for any other stablecoins.

[hd49728]

States or governments want to make their lives and control of power and finance more easily by digital currencies they create and have centralized control.

Create a digital currency for Lebanon and make a command "Mint 1 billion of the currency in next hour". Their lives are like a dream at heaven but as a citizen, local does not feel happy. Inflation and corruption are there no matter of fiat or digital currency is used in Lebanon.

[covfefe_]

Tough not decentralized, replacement of fiat with blockchain based technology is certainly a good step towards future.
Lebanon had always been a bridge between past and future in Arab world. Sad how it all turned out in the last decade in Lebanon.
Don't know what the real intentions are but Digital currency are the need of current time and a compulsion for future. They should bring it out on phases not to botch the transition.

[tomahawk9]

So, kinda like Venezuela and their state-issued Petro? I think that's the most famous one worldwide. Well, hopefully the Lebanon govt will actually use it to combat the crisis, unlike Venezuela where they (the corrupt govt) simply tried to use their state-issued cryptocurrency to escape from the international sanctions rather than to help the citizens.

I find it funny that there are people who always say that the USA or India or China will launch their own centralized crypto very soon, but that may just never happen to be honest, it's always the countries that are facing major financial crisis who finally opt to pseudo abandon their worthless fiat currency and try to replace it with either their own cryptocurrency or with foreign currency like the Dollar.

[mersal]

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 don't understand how  CBDC can be a solution for economic problems in a country because they are going to create the digital form of their existing fiat money or new token which has the same value of the fiat then this is just going to change the mode of transactions but all the things will remain same since its a centralized token.

[irixo10]

Lebanon,  another country working on getting their own digital currency, I think it is safe and right to say that sooner than later, many others will join the race. However, on one hand, this is a good move as it will expose more citizens to digital form of payment or better put, digital money while on the other, since it is still run by the government, it means there is little to no change in their quest for control. In addition, I also believe this news brings a good opportunity and that is, since it will succeed in exposing citizens to digital form of money, the curiosity that comes with it will make users to venture into the crypto space, and once gotten hold of the unique difference between the crypto space and the government owned digital currency, they will get involved with crypto as adequate.

[blockman]

Just the same news as the other countries who are already in the plans of making a CBDC. Whether they launch it during a good or bad economy, nothing will change that it is a currency that's still the same as the fiat which is being controlled by the government. It is a domino effect that other countries have seen which others have already announced their interest in launching their CBDC. In that case, they have seen that it is also necessary for them to make one.

[mindrust]

What difference does it make if it is going to be controlled by the government?

None.

FIAT is digital too as long as you don't demand physical bank notes.

I don't get the government love for crypto.

[cryptonx]

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/

for sure in the near time, a lot of country will launch its own digital currency,
but maybe a digital currency that created by any country will be a centralized digital currency mate

[DarkDays]

"state-run digital currency" - that's all I needed to see. 

A state-run digital currency is like electronic cash in our bank accounts. Nothing different. Cryptocurrencies on the other hand are decentralized by nature. At least that's what they represent in my mind.
They should adopt and encourage Bitcoin utilization, not create a virtual currency just because people are holding money in ther houses. It's a petty.

I agree. Anything run by the central government even if it is digital does not mean decentralization, and I agree that it is no different from a bank.

The fact that there are talks about a digital currency is irrelevant to the world of crypto which is based on anonymous identity and decentralization.

[disconnectme]

The thing about all these Central governments creating their own digital currencies will not solve the main problem their fiat is facing, do you think I want to hold Lebanon currencies, even their citizens prefer to hold USD to their local currency, if inflation is not put in check this will not hold water, look at Venezuela and what happen to them after the Petrol Dollar was created

[qazgroup]

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 every country needs a separate digital currency. I still wish they should declare real crypto coin as official digital currency. If someone is concerned about volatility they can announce 2 official coins one original crypto and one stablecoin like btc-usdt or eth-usdc as national digital coins.

[abahcoin]

If there is still conflict I think it's useless to launch a digital currency because it won't attract many investors to the project, I think Lebanon should end the conflict first before launching a digital currency because it will make investors calm and safe.

[yazher]

They really need it because their country is not doing well both their economy and country are at the stake of being ruin because of their corrupt government. This time they want to make their own digital currency which is good. This is the time of cryptocurrency and some countries that are not doing well with their economy should quickly switch to this strategy. Most of the people in their country don't understand what's going on because most of them are illiterate about cryptocurrency but after a few months, everything will highlight to them by their government.

[Jating]

So, kinda like Venezuela and their state-issued Petro? I think that's the most famous one worldwide. Well, hopefully the Lebanon govt will actually use it to combat the crisis, unlike Venezuela where they (the corrupt govt) simply tried to use their state-issued cryptocurrency to escape from the international sanctions rather than to help the citizens.

And it turns out to be scam anyways, Petro was supposedly back up by millions if not billions worth by Russia, but it was not the case though, that's why it is a total failure and Venezuelan still rely on bitcoin in order to survived.

But the similarity with Venezuela is that Lebanese government as launching their own CBDC to combat sanctions, get the confidence of their people to the central bank and help alleviate the economic crisis they have right now. And I don't know if this is the right solution or not. But it's funny 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.

Bitcoin FTW!!!.

[Psynthax]

They launching amid economic and financial turmoil maybe just trying to open new source of income but if the digital currency turns out only for their citizen then I might be wrong here. However, launching or not launching digital currency not gonna do much to the economy so might aswell launch it and attracts the attention maybe there might be way to solve the problem rising within their country. It's not like once you launched digital currency you gonna get your country problem anyway and these kind of digital currency launched by government usually in full control by the govenrment aswell.

[Francis Freeman]

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 think it doesnt make any difference to whether the money is digital or physical paper as long as it's controlled by the central bank of a country. They are both Fiat and centralised .