Banks in Lebanon have put restrictions on the amount people can withdraw, which has caused widespread anger among citizens. Banks in most areas in the country remained closed on the directions of Lebanon Association of Banks for the safety of bank employees.
Bitcoin trading sees a surge in Lebanon
Bitcoin trading in the troubled nation has seen a surge over the last year as people turn to bitcoin to avoid financial uncertainty in the country. People in the country are calling for the separation of money from the state. Lebanese people have accused the government of political corruption and mishandling of capital controls, which led to the mass unrest in the country.
Bitcoin is selling at a premium.
Bitcoin is selling at a significant premium in the country, according to offers listed on the peer to peer platform Localbitcoins.com, the average price to buy one BTC is about 9,863,466 Lebanese pounds ($13,165), whereas the average market price for one bitcoin is just above $8,600. Still, a lot of Lebanese cannot move to bitcoin because of banks’ sanction and withdrawal limits. Bitcoin is a solution for all such problems as it separates the money from the state and gives power to the people.