Demonstrators in Lebanon took a unique approach to protest against the ongoing economic crisis and the hyperinflation of the national currency. Protestors recreated the popular Ghanian meme that shows four men dancing as they pick up a casket with an EDM song playing in the background. Protestors printed the picture of Lebanese pound on the coffin as they marked the “death” of their national fiat currency by recreating the popular Ghanian meme.
Oh my sweet god.
A demonstration in Lebanon has recreated the Ghanaian dance funeral meme IRL to announce the death of the local currency, which is off more than 60% since late last year.
You can’t make this stuff up.
— Nathaniel Whittemore (@nlw) May 1, 2020
Lebanon continues to face economic hardships.
According to the Al Jazeera report, at least a dozen Lebanese banks across the country were torched and vandalized by angry protests fuelled by frustration over the national currency’s unfettered depreciation on 29th April. The authorities had shut down banks in most of the country as they fear there would be a run on banks if opened up. The Lebanese pound has lost nearly 60% of its value since last year. Earlier, banks were set on fire in Beirut and the southern city of Nabatieh. Protestors broke in and set a fire at a Sidon commercial ban and then sang “happy birthday” outside.
Protests continue despite COVID 19 outbreak in the country.
So far, there have been 733 confirmed COVID 19 cases in the country and 25 deaths. Currently, there is an official nationwide lockdown in Lebanon due to the coronavirus pandemic, but it has not stopped the protestors from coming out on streets. The anti-government protests that began in October last year were paused for a while during the lockdown, but demonstrators are now returning angrier and more desperate. Lebanese people claim that political corruption has led to the ongoing economic crisis.
Protestors have lashed out at banks throughout the demonstrations because of harsh capital controls. These capital controls have entirely phased-out withdrawals in foreign currencies, which were previously standard, including limited withdrawals in the pound. Such blatant use of power by the government only strengthens the case for a decentralized cryptocurrency.