In an ever-growing list of countries issuing public advisories about bitcoin and digital currency as a whole, Lebanon is also doing the same. Specifically, it’s the Bank of Lebanon — and they have much similar things to say as previous nations who have issued warnings.
In the advisory, dated December 19th, 2013, the Bank of Lebanon warns users that user funds in bitcoin are not in any way backed by the government, and funds sent to another party by means of digital currency either willingly or accidentally are non-reversible. The central bank also warns of the use of digital currency for terrorism and money laundering.
Of course, the bank also alluded to the extreme volatility of bitcoin, in which it isn’t uncommon for the price to fluctuate $50-$100 USD in a day.
As such, you can expect that the Bank of Lebanon is warning citizens to stay away from digital currencies. The warning comes as the first of its kind in the region. Will it trigger a domino effect? If so, will it matter in the grand scheme of things?