Since Lebanon went bankrupt, the population can no longer rely on the banking system to survive and face the crisis. The latter is also in a chaotic state. To be able to survive and make ends meet, Lebanese today use digital currencies. They either mine bitcoin or get paid through cryptocurrencies. Proof that Bitcoin is gaining more and more ground in the Lebanese market.
Cryptocurrency: Salvation for Lebanon
Since 2019, Lebanon is facing a major financial crisis. The proof, many banks were to close their doors. Result: many Lebanese are unable to withdraw their money and savings. Fortunately, it is still possible to receive money by international transfer. However, this service only allows Lebanon to receive the Lebanese pound at a derisory rate compared to the market value.
To overcome this chaotic situation, more and more Lebanese are turning to cryptocurrency. For many of them, Bitcoin comes as salvation. Some focus on mining digital tokens while waiting to find work. Others, luckier, were able to get jobs that paid in bitcoins.
Bitcoin becomes a form of banking in Lebanon
For many Lebanese, Bitcoin somehow replaces the bank. They use this crypto platform to get money from abroad, but not only! Bitcoin also allows them to save money (by buying bitcoins).
Digital signage is very popular in Lebanon. CNBC revealed that Telegram secret meetings are organized to be able to exchange stablecoin links. The goal: to buy groceries.
In Lebanon, Bitcoin allows people to survive the current crisis in the country. If this is still possible, it is because cryptocurrencies remain beyond the reach of bankers and politicians. Their use is neither authorized nor regulated. Some transactions are even done clandestinely.
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My name is Ariela and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago. But it’s a universe I’m very interested in. And the topics covered in the platform give me the opportunity to learn more. A singer in my spare time, I also have a great passion for music and reading (and animals!