“‘The system is based on the concept of proof of work,’ explained David al-Achkar, a Lebanese entrepreneur and active member of the regional Bitcoin community. In December 2013 the Lebanese Central Bank issued an official warning regarding Bitcoin. ‘Transactions conducted with Bitcoins facilitate money laundering and the financing of terrorism,’ said a circular issued by the Central Bank. Regionally, the limited Bitcoin economy appears to serve more mundane purposes. Earlier this month Dubai-based restaurant The Pizza Guys began accepting Bitcoin payments. Over the past 10 days, The Pizza Guys has processed seven Bitcoin transactions.”
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