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

crzy

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Quote from: mamamu111 on November 15, 2020, 06:32:51 AM

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/

Years ago, Lebanon used to be a very prosperous country. Lebanese guys are smart, and many of them are educated people. I will be not surprised if soon, thanks to their crypto, the country will overcome their crisis and start flourishing again.

This is also my thoughts about Lebanon and I know they also have a good source of oil which can be more good for them in the future now that they are planning to create their own digital currency. Well, the pressure of US government and the terrorist makes this country more ineffective but I believe with a help if this digital currency they can rise again and of course hopefully they also adopt bitcoin and make it legal to them.

romero121

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With this the printing of paper money will be gradually stopped, if people get used to it. This is nothing big, just a digital payments gateway. Already people are used to it, and people doesn't have a big positivity on this plan. It helps in ease of tracking and particularly there is no limitations as our bitcoin, and this makes the value manipulated as the State runs the complete network.

In one way it is a step forward towards digital era, but the implementation and the functioning needs to be done in a perfect manner. When this goes effective people will make use of bitcoin with more trust.

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Quote from: mamamu111 on November 15, 2020, 06:32:51 AM

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.

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Quote from: mamamu111 on November 15, 2020, 06:32:51 AM

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

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Quote from: tbterryboy on November 18, 2020, 04:04:47 AM

Quote from: mamamu111 on November 15, 2020, 06:32:51 AM

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 .

Coyster

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Quote from: tbterryboy on November 18, 2020, 04:04:47 AM

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.

tbterryboy

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Quote from: mamamu111 on November 15, 2020, 06:32:51 AM

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.

cabron

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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.

Entei

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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.

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Quote from: mamamu111 on November 15, 2020, 06:32:51 AM

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.

DU18

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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.

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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.

Jackl87

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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.

jcarlo

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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

StephenJH

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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.

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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.

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Quote from: Renampun on November 16, 2020, 11:51:54 AM

Quote from: mamamu111 on November 15, 2020, 06:32:51 AM

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.

Renampun

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Quote from: mamamu111 on November 15, 2020, 06:32:51 AM

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.

chanler

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Quote from: mamamu111 on November 15, 2020, 06:32:51 AM

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:

Quote

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/

DU18

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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.

escalante28

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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/

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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.

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Quote from: mamamu111 on November 15, 2020, 06:32:51 AM

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 .

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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.

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Quote from: tomahawk9 on November 15, 2020, 10:10:43 AM

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:

Quote

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!!!.

0t3p0t

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Maybe because they choose not to depend on fiat dollar. They want to be independent and protect their country from crisis. Whatever their purpose of launching their own digital currency, well, that is good for Lebanon maybe they have a valid reason. It could also be that they are backing their local fiat with those crypto just like backing up with gold.

yazher

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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.

abahcoin

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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.

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Quote from: mamamu111 on November 15, 2020, 06:32:51 AM

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.

disconnectme

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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

DarkDays

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Quote from: ChrisPop on November 15, 2020, 06:41:07 AM

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

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.

cryptonx

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Quote from: mamamu111 on November 15, 2020, 06:32:51 AM

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

mindrust

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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.

blockman

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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.

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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.

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Quote from: mamamu111 on November 15, 2020, 06:32:51 AM

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.

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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.

covfefe_

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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.

hd49728

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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.

Argoo

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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.

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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.

ChrisPop

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

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.

mamamu111

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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/

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