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Lebanon citizens seek information about bitcoin amidst the banking crisis.

Lebanese pound continues to shed value amid the country's deepening monetary crisis as it lost 50% of its purchasing power in
Lebanese pound continues to shed value amid the country’s deepening monetary crisis as it lost 50% of its purchasing power in less than two weeks.

Lebanon has been facing financial and banking crisis from a long, and now the political turmoil and the global pandemic-induced global market downturn has raised fears of government defaults and the devaluation of the country’s currency. People in the country are now looking for banking alternatives, and bitcoin seems a viable option as it is relatively cheap and accessible compared to the fractured banking system. People have been protesting against banks and the government in the country for a long time.

The exchange rate for Lebanese pounds to dollars has skyrocketed.

Patrick Mardini, the CEO of the Lebanese Institute for Market Studies and associate professor of finance at the University of Balamand in Lebanon, said that the exchange rate for Lebanese pounds to dollars has skyrocketed from 1,500 pounds to 4,000 pounds for every dollar. That exchange rate also varies depending on what type of dollar is. Many LocalBitcoin traders get their bitcoin by using bank accounts outside of their country of residence and use the local listing as an advertisement. More and more citizens are now learning about bitcoin and finding a better alternative.

Lebanon fights for financial freedom.

Lebanon has spiraled into its worst economic crisis in decades, as banks have imposed informal capital controls. People in Lebanon have been protesting against the government for a long time now. The rules and regulations in Lebanon are also not great. Bitcoin never took off in Lebanon as the central bank has put restrictions on purchasing bitcoin with Lebanese credit cards, glacial internet speeds and unreliable electricity have acted as severe impediments to adoption. Recently demonstrators in Lebanon were protesting by recreating the Ghanian meme that shows four men dancing as they pick up a casket with an EDM song playing in the background.

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