Middle Eastern Country Lebanon sets to launch it's own state run digital currency.
Lebanon's central bank plans to launch a new digital currency in 2021 as a way to combat economic and financial crisis
Central bank governor Riad Salameh told officials "We must prepare for a Lebanese digital currency project" as a way to bring back confidence in the banking system.
As for monetary supply in the Lebanese market it is estimated that there are $10 billion store inside homes
The central banker also added that a digital currency project will help to implement a cashless financial system to enhance the flow of money locally and abroad.
Lebanon heavily relies on remittance from expats and vast global diaspora. In 2019 personal remittance provides nearly 14% of Lebanon's total total gross domestic product ( GDP)
Salemeh says lebanon will maintain it's gold reserve as a hedge against a wider market crisis.
If such crisis occurs central bank can liquidate it's bullion on foreign markets for immediate relief.
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