Enacting Bitcoin Legal Tender Act

Here is the revised text with the sections on the central bank and taxation removed:


**Title: The Lebanese Bitcoin Legal Tender Act**


Whereas, the global financial landscape is evolving rapidly with the emergence of Bitcoin;

Whereas, recognizing the need to foster innovation, financial inclusion, and economic growth in Lebanon;

Whereas, understanding the potential benefits of adopting Bitcoin as a legal tender;

Now, therefore, be it enacted by the Lebanese Parliament as follows:

**Section 1: Definitions**

(a) "Bitcoin" refers to a decentralized digital asset that utilizes cryptography for security and operates on a blockchain or distributed ledger.

(b) "Legal tender" refers to the official medium of payment recognized by the government for settling financial transactions within the country.

**Section 2: Recognition of Bitcoin as Legal Tender**

(a) Bitcoin shall be recognized as legal tender in Lebanon for all transactions conducted within the country.

(b) Individuals, businesses, and government entities shall have the right to use Bitcoin for the purchase of goods and services and settlement of debts.

**Section 3: Consumer Protection**

(a) Consumers using Bitcoin for transactions shall have the same rights and protections as those using traditional forms of payment.

(b) Any fraudulent activities involving Bitcoin shall be subject to appropriate legal action and penalties.

**Section 4: Public Awareness and Education**

(a) The government shall initiate public awareness campaigns to educate citizens about the benefits, risks, and responsible use of Bitcoin.

(b) Educational programs shall be implemented to enhance the understanding of Bitcoin among businesses, financial institutions, and the general public.

**Section 5: Implementation and Transition**

(a) This Act shall come into effect [insert effective date].

(b) The government shall establish a transition period to facilitate the integration of Bitcoin as legal tender into the existing financial system.

(c) During the transition period, the government shall collaborate with financial institutions and businesses to ensure a smooth and secure transition to the use of Bitcoin.

**Section 6: Repeal of Inconsistent Laws**

Any laws or regulations inconsistent with the provisions of this Act are hereby repealed.

**Section 7: Severability**

If any provision of this Act or its application to any person or circumstances is held invalid, the remainder of the Act or the application of the provisions to other persons or circumstances shall not be affected.

**Section 8: Enactment**

This Act is enacted into law by the Lebanese Parliament on [insert date].



**العنوان: قانون العملة القانونية للبيتكوين في لبنان**


بما أن المشهد المالي العالمي يتطور بسرعة مع ظهور البيتكوين؛

وبما أننا ندرك الحاجة إلى تعزيز الابتكار والشمول المالي والنمو الاقتصادي في لبنان؛

وبما أننا نفهم الفوائد المحتملة لاعتماد البيتكوين كعملة قانونية؛

لذلك، يُسن هذا القانون من قبل البرلمان اللبناني كما يلي:

**المادة 1: التعريفات**

(أ) يشير مصطلح "البيتكوين" إلى أصل رقمي لامركزي يستخدم التشفير للأمان ويعمل على سلسلة الكتل أو دفتر الأستاذ الموزع.

(ب) يشير مصطلح "العملة القانونية" إلى الوسيلة الرسمية للدفع المعترف بها من قبل الحكومة لتسوية المعاملات المالية داخل البلاد.

**المادة 2: الاعتراف بالبيتكوين كعملة قانونية**

(أ) يُعترف بالبيتكوين كعملة قانونية في لبنان لجميع المعاملات التي تتم داخل البلاد.

(ب) يحق للأفراد والشركات والهيئات الحكومية استخدام البيتكوين لشراء السلع والخدمات وتسوية الديون.

**المادة 3: حماية المستهلك**

(أ) يتمتع المستهلكون الذين يستخدمون البيتكوين للمعاملات بنفس الحقوق والحماية التي يتمتع بها من يستخدم وسائل الدفع التقليدية.

(ب) تُخضع أي أنشطة احتيالية تتعلق بالبيتكوين لإجراءات قانونية وعقوبات مناسبة.

**المادة 4: التوعية العامة والتعليم**

(أ) تُطلق الحكومة حملات توعية عامة لتثقيف المواطنين حول فوائد البيتكوين ومخاطره واستخدامه المسؤول.

(ب) يتم تنفيذ برامج تعليمية لتعزيز فهم البيتكوين بين الشركات والمؤسسات المالية والجمهور العام.

**المادة 5: التنفيذ والانتقال**

(أ) يدخل هذا القانون حيز التنفيذ اعتبارًا من [تاريخ النفاذ].

(ب) تُنشئ الحكومة فترة انتقالية لتسهيل دمج البيتكوين كعملة قانونية في النظام المالي الحالي.

(ج) خلال الفترة الانتقالية، تتعاون الحكومة مع المؤسسات المالية والشركات لضمان الانتقال السلس والآمن لاستخدام البيتكوين.

**المادة 6: إلغاء القوانين المتعارضة**

تُلغى أي قوانين أو لوائح تتعارض مع أحكام هذا القانون.

**المادة 7: قابلية الفصل**

إذا تم اعتبار أي حكم من هذا القانون أو تطبيقه على أي شخص أو ظروف غير صالح، فلا يتأثر باقي القانون أو تطبيق الأحكام على الأشخاص أو الظروف الأخرى.

**المادة 8: سن القانون**

يُسن هذا القانون من قبل البرلمان اللبناني في [تاريخ الإصدار].


**بيتكوين بلوكتشين بيروت لابز.**

Pre-Order Ammous’s Sequel “The Fiat Standard”

Get a copy of “The Fiat Standard”, Dr. Ammous’s sequel to “The Bitcoin Standard” while it is still pre-released!

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In Lebanon, Bitcoin is Proving to be a Safe Bet

Original post by: Hugo Lautissier

Liban banques
Lebanese citizens stand in line outside a bank to collect their salaries on 31 March 2020 in the coastal city of Tripoli (AFP/Joseph Eid)

Devastated by the drastic devaluation of the Lebanese pound, more and more people are embracing cryptocurrencies

It’s a small, unassuming office tucked between a dog grooming parlour and a slot machine room in Bourj Hamoud, Beirut’s Armenian neighbourhood. Hanging on the wall are two golf clubs, three golf balls and, above them, a framed poster showing the price of bitcoin, which is rising sharply.

Continue reading “In Lebanon, Bitcoin is Proving to be a Safe Bet”

Why Everything That Should Hurt Bitcoin Only Makes It Stronger


Original post by: Tomer Strolight

Bitcoin loves being attacked. Bitcoin especially likes it when something tries to kill it. And it’s also very fond of people trying to ban it or trying to replace it with something “better”. When it comes to attacks on Bitcoin, the question isn’t “what’s going to kill Bitcoin?”; it’s “what’s going to make Bitcoin bigger, stronger, better, and more valuable?”.

Continue reading “Why Everything That Should Hurt Bitcoin Only Makes It Stronger”

Bitcoin Sees the Light of Day in a National World’s First

Bitcoin Eruption

El Salvador has been a country suffering from civil war, economic ruin and high organized crime & murder rates for much of its modern life. Yet the 39 yr old El Salvadorian President, Nayib Bukele, who enjoys a super-majority of his party in parliament, in a world’s first, enacted law making Bitcoin legal tender in his nation.

Since 2001 El Salvador has done away with its local currency, the Colon, and instead decided to use The US Dollar as legal tender. With Bitcoin also now as legal tender, El Salvador made the best choice for securing the nation’s wealth going forward during these uncertain geopolitical times.

Stating the ease of payments and remittances which much of the country depends on, as well as the fact that many El Salvadorians aren’t banked, Bukele sees Bitcoin as the ideal solution.

It doesn’t stop with making Bitcoin legal tender. Bukele asked the state owned geothermal energy firm, LaGeo, to devise plans for offering Bitcoin mining facilities to Bitcoin miners who want to use the nation’s geothermal energy resources to run their mining farms. According to journalist Max Keiser, to be able to attract these miners, El Salvador is also offering permanent residence for Bitcoiners who are willing to dedicate BTC 3.

This, first-time, comprehensive all-round adoption of Bitcoin by a whole nation is the light Bitcoiners have been waiting to see in a long time, and just as the first domino falls, we also envision many other nations eventually following in El Salvador’s path.

It’s Price Upside From Here for Bitcoin

Original Post by: Bashir Barrage

Sit tight if you’re at a net loss now, buy more if have the cash. This is a regular occurrence every 4 years, they FUD on it during the bull-run to buy cheaper.

Dark blue band: Multiply and divide the price by 2. Light blue band: Multiply and divide the price by 5.

This chart is the most accurate price model for Bitcoin that I found. The Bitcoin price has a 94% standard deviation accuracy from the model here. From here, any downside in price will be minimal, the upside will be tremendous. It’s like a coiled spring.

See the investing section of the Bitcoin Resources to learn more about the Stock to Flow model.

Seven Surprising Facts About Bitcoin Pizza Day

Original Post by: Pete Rizzo

The Bitcoin Pizza Day story is one of the technology’s most historic tales, but even if you know the Bitcoin pizza price, these facts might surprise you.

May 22 is now forever known as Bitcoin Pizza Day, the holiday marking the date in 2010 when the first real-world good was bought with the first decentralized digital money. 

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