Middle Eastern Banking Crises Are Highlighting The Case For Cryptocurrency

Cryptocurrency is once again becoming a popular topic in the Middle East as two countries are experiencing economic turmoil related to their banking systems. Lebanon is in the midst of a full-blown banking crisis that has now led to a collapse of the ruling government. Meanwhile, Iranian protests have led to the burning of a central bank branch and an attempt by the government to shut down the Internet. In both cases blockchain assets are functioning as tools for the protestors, yet not without challenges of their own.

The situation is Lebanon is becoming worse by the day, as street demonstrations escalate and the government appears incapable of leading the nation toward a peaceful resolution. The protests began in October after reports emerged of impending tax hikes on many items including food, gasoline, and Internet use. At the root of the problem is the central bank’s shortage of U.S. Dollars, against which the Lebanese Pound has been pegged since 1997….