RATE Group | Lebanese Turn to Bitcoin as Economy Sinks
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Lebanese Turn to Bitcoin as Economy Sinks

25 Feb Lebanese Turn to Bitcoin as Economy Sinks

Posted at 15:52h in Bitcoin News by

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Lebanese Turn to Bitcoin as Economy Sinks 101
A landmark in Beirut, Lebanon, the monument in Martyrs Square still bears the scars of Lebanon’s Civil War (1975-90). Source: iStock/Joel Carillet

The Lebanese economy is in deep trouble – leading citizens to embrace Bitcoin (BTC) and altcoins in an attempt to escape the banking system and protect their savings from dwindling as the Lebanese pound continues to struggle.

Lebanese banks have attempted to halt a potential run on the pound by imposing informal capital controls, forcing customers to withdraw their savings in fiat at the official exchange rate.

But the move means that Lebanese citizens’ savings are now worth 40% less than they would be on parallel markets, reports Al Jazeera, which says that the nation is instead experiencing a “Bitcoin boom.”

The fiat’s official exchange rate is now just over LBP 1,500 to the United States dollar – a far cry from parallel exchange rates of about LBP 2,500 per dollar. Also, foreign currency withdrawals are now limited to…

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