Lebanon’s chief central banker said the country is preparing a national digital currency (CBDC) for a 2021 debut.
- Banque Du Liban Governor Riad Salameh told state-run media Tuesday the CBDC project is part of a "regulatory mechanism" to restore confidence in Lebanon's troubled banking sector.
- Lebanon's private banks have deep ties to the government, which defaulted on its debts in March. Neither institutions garner much trust from the public. Lebanese citizens currently store over $10 billion in their homes, Salameh said.
- CBDC will also help Lebanon move to a "cashless system" that enables more seamless cash movement locally and abroad, he said.
- Salameh has advocated for a Lebanese CBDC since at least November 2017.