Banque du Liban, the central bank of Lebanon, is preparing to launch a central bank digital currency (CBDC) next year, the bank’s governor Riad Salameh has told a meeting of the Lebanese Depositors Association.

The CBDC project will “help implement a cashless system” in Lebanon that will support the seamless movement of money both locally and abroad, the country’s National News Agency reports.

The project forms part of “a new regulatory mechanism to restore confidence in banks” at a time when it is estimated that Lebanese citizens have “10 billion dollars stored inside homes” in cash.

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