The any cryptocurrency turnover was banned in Lebanon. That was announced by, Riad Salameh, the head of the Central Bank of Lebanon, at the conference on corporate social responsibility. However, in his statement, he said that the authorities will consider the prospect of the country's own cryptocurrency, not specifying whether it would be blockchain-based. According to the financial regulator, despite the important role of cryptocurrency in future the measures “to combat cybercrime“ must be taken.
Moreover, Riad Salameh expanded on the idea of a future state-backed digital currency. According to him, the newly introduced currency will fully comply with the laws of the country and will be under the control of the Central Bank of Lebanon.
The head of the Lebanese bank negatively assessed a popular today cryptocurrency, bitcoin. He believes that cryptocurrencies, due to a too low level of regulation, are a serious threat to the users and payment systems. In his opinion, they are “rather a commodity” with the unjustified price volatility.
Lebanon is going to issue its own cryptocurrency, “within the next few years”. Now cryptocurrencies are illegal in the country.