Lebanese citizens face cash crisis as the central bank imposes withdrawal restrictions.

The central bank of Lebanon has imposed restrictions on how much a person can withdraw cash from his bank accounts per week. Lebanese citizens have been protesting against this restriction by the central bank.

Suffering from political turmoil and war-like situation Lebanese banks reopened in November after remaining closed for some time. The central bank announced restrictions including withdrawal limit of $1000 a week and international transfer only in emergency cases. Working citizens of the country have been protesting against these restrictions since banks re-opened.

 

Banks started closing again.

According to the local reports, banks in northern Lebanon have started to close again. The banks in the northern region of the country closed down last week until further notice. The angry clients who could not get their funds from banks protested, which led banks to close down their operations. Lebanese central bank (Banque du Liban) announced the restrictions as they feared a run on banks and other persisting economic problems.

 

Lebanon crisis makes a case for bitcoin.

The current situation in the country makes a solid case for the mass adoption of bitcoin. The centralized fiat currencies are unreliable, especially in a country where there is political unrest. Venezuela and Zimbabwe are other examples where hyperinflation reached so high that it caused several people to seek refuge in other countries. Bitcoin solves the problem of over-dependence on banks for daily activities, while bitcoin being decentralized in nature lets you remain in control of your funds all the time.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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