Why is the digital currency trade flourishing in Libya?

Libya, which was never among the prominent digital economies, and even its economy - was known for the list of Arab countries in Bitcoin Mining for 2022, according to the Cambridge Electricity Consumption Index in Bitcoin manufacturing, superior to countries that are more stable and organized.

Despite the investment opportunities offered by the sector, it faces a legal dilemma between its official ban and the absence of explicit legislation criminalizing it, while the low energy costs have paid irregular networks to exploit it outside the legitimate economic frameworks.

What is the fact that mining and dealing in digital currencies on the economy and monetary and financial policy in Libya? What is the role of legislation and laws? What about the dangers of this virtual market?

Digital currency exchange

The banker and expert in digital currencies, Imran Al -Shaibi, explained to Al -Jazeera Net that mining in Libya has become uncommon, given that most of the devices that were previously used today are ineffective and are no longer able to keep up with the accelerated technology in this field, pointing to the presence of a good number of Libyans Those who trade digital currencies, albeit in simple proportions across social media applications.