Since Lebanon went bankrupt, the population can no longer count on the banking system to live and face the crisis. The latter is also in a chaotic state. To be able to live and make ends meet, the Lebanese today resort to digital currencies. They mine bitcoin or get paid via cryptocurrency. Proof that Bitcoin is gaining more and more ground in the Lebanese market.
Cryptocurrency: a salvation for the Lebanese
Since 2019, Lebanon has been facing a significant financial crisis. The proof, many banks had to close their doors. Result: many Lebanese find themselves unable to withdraw their money and savings. Fortunately, it is still possible to receive money by international transfer. However, this service only allows Lebanese to receive Lebanese pounds 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 a salvation. Some focus on mining digital tokens while waiting to find work. Others, luckier, were able to find a job paid in bitcoins.
Bitcoin becomes a kind of bank in Lebanon
For many Lebanese, Bitcoin somehow replaces the bank. They use this crypto platform to receive money from abroad, but not only! Bitcoin also allows them to save money (by buying bitcoins).
Digital tokens are extremely popular in Lebanon. CNBC revealed that clandestine meetings by Telegram 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 is a universe that interests me a lot. And the topics covered within the platform allow me to learn more. Singer in my spare time, I also cultivate a great passion for music and reading (and animals!