Amidst a worsening economic crisis in Lebanon, several of its citizens are turning to cryptos as a viable alternative.
In a country where inflation has arisen to an astronomical proportion, a decision of this type will only encourage those affected to consider other options for managing their financial needs. As it currently stands, the pullout of funds stashed in banks will be at a fee unfavorable to the customers. The other recourse would be to issue cheques in foreign currency preferably the US dollar, which also does not come without charges thereby leaving them with a paltry sum after all. Due to the falling purchasing power of the country’s national currency, the Lebanese Pound, it would be unwise to keep savings in the banks for now.
Crypto Adoption on Course
The foregoing briefs provide the basis for the springing up of a group of software development experts, who are taking it upon themselves to bring awareness of the use of digital currencies in salvaging the situation, according to information made available by Reuters. Already, some people cutting across the various segments of the Lebanese society (political class, the media, etc.) are investing their resources into various coins. This might work to their advantage for now because the government has not yet made any real move to coordinate the sector as it has done to the banking institutions. In addition, the electricity supply in the Western Asian country is relatively affordable thereby cutting some costs for crypto miners.
Lebanon has been the theater of major decades-old crises. It had witnessed the horrors of a civil war as well as tussles among the country’s military thereby making it unconducive for any meaningful economic development to thrive for a long time.
