Lebanese Central Bank Governor: Bitcoin & crypto an Unregulated Commodities

[CryptoGirl]

Lebanese central bank Banque du Liban (BDL) Governor Riad Salameh has claimed that Bitcoin and other virtual currencies are “unregulated” commodities whose use should be prohibited.

"These [Bitcoin] are not currencies but rather a commodity whose prices rise and fall without any justification. For this reason, BDL has banned the use of this currency in the Lebanese market. We understand that electronic currency will play a prominent role in the future. But BDL must first make the necessary arrangements before taking this step and develop [a] protection system from cybercrime.”

Salameh also announced the plan by the central bank to introduce its own digital currency.

Worth noting, Lebanon is the only country that still have it's currency backed by Gold.