The government of Lebanon is planning to launch CBDC in 2021, Central Bank’s Governor Riad Salameh confirmed. Such a move would hopefully restore confidence in the banking sector after widespread protests against corruption that led to massive bank closures last year. The Central Bank also believes CBDC would also help the transition to cashless payments.
We in Ternion believe that Lebanon will serve as an interesting example of how adoption of digital currency might help the local economy in context of the broad and deep challenges to the financial sector, as a bid to restore compliance and customers’ trust.