While reading some news about cryptocurrency and Lebanon, I discovered an article that shocked me so much this is why I wanted to share it with you.
Unfortunately this news is not beautiful as I wanted but I was surprised to find out that my country wants to launch its own cryptocurrency!!
Can you imagine that!
If you have read My Challenging Journey Blog you would understand why I am shocked.
I will translate it in general and give you the link if anyone would want to read in Arabic.
The news is from Addiyar Newspaper March 16 2020
"Since the spread of Corona Virus, the government decided to consider the creation of a cryptocurrency mostly to avoid touching money and coins, and to lower the intensity of the spread caused by touching the paper money.
The central bank governor Riad Saleme said that they are working on the project of a Lebanese cryptocurrency, which will be called "CryptoLira" as to Lebanese Lira our official currency.
The governor also said that this currency will be used only in Lebanon, and it will be controlled by the Lebanese central bank.
He continued: The mechanism of action of this digital currency is the following:
1.A sub account of the main Lebanese Lira account will be created which will be filled by the amounts found in the main account.
2.A mobile app will be downloaded and linked to the CryptoLira account.
3.Devices or machines will be put in stores, shops, malls, everywhere in order to pay by the mobile by passing it by in front of them.
4.There will be the possibility to pay small amounts (for example 250 LL) and big amounts as of the total found in the main account.
5.There will be the possibility to use this digital currency using the mobile payment or by internet.
He added: The CryptoLira will have the characteristic of a stable value unlike Bitcoin which value fluctuate by the speculations in the market.
To be mentioned that all central banks around the world including Lebanon forbid the commercial and investment banks from using digital currencies as Bitcoin because of the high risk.
Launching the CryptoLira by the central bank will have positive consequences on many levels:
1.Lowering the costs of the banks.
2.Lowering the risk of spread of Corona virus since it can be used from home.
3.Increasing the usage of Lebaness Lira, therefore the National Income will increase.
Finally, the lost confidence in the lebanese banking sector as a result of the economic crisis can be restored by launching this currency especially when the good consequences begin to shine."
After all I might get my ice-cream but with the local crypto hahaha
Thanks for reading ❤️