Unrest over bank closure and withdrawal limits in Lebanon continues

The Middle Eastern country, Lebanon, has been facing financial issues from the last couple of years as people allege mishandling of capital controls and political corruption. Banks have been shut down in many areas in the country.

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. 

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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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