Bitcoin Adoption in Lebanon Increases Amidst Worsening Economic Situation | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
As the current financial crisis rocking Lebanon continues to intensify, Lebanese citizens are increasingly looking to bitcoin to escape the country’s crippling economic situation. Lebanon joins the list of countries whose citizens have turned to the top cryptocurrency to counter the financial crisis.
Bitcoin Gives ‘Financial Freedom’
Lebanon’s financial situation has continued to plummet, with the value of the Lebanese pound declining. But a report on Al Jazeera on Tuesday, February 25, 2020, reveals that citizens are not sitting around waiting and hoping for things to get better before taking action.
The economic woes in Lebanon have caused more citizens to embrace bitcoin, which many see as a more stable option compared to the country’s fiat currency. Presently, the capital controls imposed by banks have seen savings decrease by 40 percent. Furthermore, forex withdrawals in the country record $50 monthly, while cross-border remittance capped at $50,000 yearly.
A statement by Mahmoud Dgheim, a Lebanese bitcoin trader, reads:
“Right now, Lebanese are interested in escaping tight restrictions on cash withdrawals and transfers. They basically want financial freedom. If you want to go around the banking system, bitcoin is a solution.”
The report also stated that a group of bitcoin traders reported a significant increase in trading volume following the emergence of capital controls in November 2019,