The worsening Lebanese crisis may increase the possibility of Bitcoin adoption

The Lebanese state is suffering from the worst civil and economic crisis since its civil war in the mid-1970s.

With no clear end in sight, desperate residents may begin to head and explore Bitcoin as a weapon against the corrupt political and banking system.

Civil unrest in Lebanon dates back to last October, when protesters took to the streets to express their opposition to the increase in taxes on tobacco, fuel and communications tariffs.

These demonstrations quickly turn into a general movement against political and financial corruption.

Bitcoin is the alternative:
With the start of the protests, the Lebanese banks were quick to close their doors.

And when it reopened, weeks after essentially depriving depositors of the right to access their own money, institutions imposed harsh withdrawal limits and restricted international transfers.

According to EuroMoney, the resulting demand for the US dollar has created a black market that has witnessed a 33% appreciation in the exchange rate, despite the Lebanese pound being officially pegged to the US dollar.

In view of the banking banking restrictions that are repeated in different times and places, the only offender is the user who deposited his money with it and who finds it very difficult to withdraw it in the event of some disturbances.

This makes Bitcoin as a far cry from the pressures of central banks.

Many analysts argue that bitcoin can be a way for residents to pull out of the economy.

Lebanon is one of the countries whose residents meet to help each other without the interference of the authorities, which makes many humanitarian initiatives appear here and there.