Occupation of the Central Bank, and the angry protests: The Lebanon is apparently, before the Bank collapse. Because the Withdraw of money, as well as transactions abroad were strongly limited. In the past, crypto Monday reported the country to the economic abyss, and how Cryptocurrencies can help. Now, has failed in a further state of the banking system. All to the collapse of the Banking sector in Lebanon, you will find in this article.
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Banks limit the amount of money and transactions
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The ongoing economic crisis in Lebanon is now also the banks to resort to drastic measures. In the last days, the Limit of cash withdrawals was set in dollars to $ 200 USD per week down. In addition, transactions were prohibited abroad completely under. In Lebanon, the Dollar is used almost more than the Lebanese pound. After persistent protests against corruption and mismanagement kicked the head of the government of Saad Hariri’s already back, but the mood in the country remains heated.
The protesters and the Central Bank to fill in the past few days, and called for interest rate cuts and the lifting of the restrictions. They chanted “thieves, thieves”. Lebanon is struggling with the worst economic crisis since the 90s and the national debt is 150% of gross domestic product. Thus, Lebanon ranked on the first places of the public debt in the world.
Crypto-currencies against Inflation and Dollar dominance
The scenario in Lebanon, currencies of the perfect breeding ground for Crypto, because they are not limited by the Central Bank or controlled. An escape in Bitcoin and other crypto-currencies, could save the savings of the Lebanese. Why Cryptocurrencies are better than traditional Fiat currencies, you can read here.
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The US Dollar is sold on the black market
Lebanon is quite unstable country. Over many regions and parts of the population, the government has no control. Because the Shi’ite Hezbollah (Hezb-Allah-party of God) took over large parts of public and social tasks, which would actually organize the state.
Wherever this fails, fills the Hezbollah in the gaps and such a state exists in the state. Iran that supports Hezbollah financially, has called for a week ago, an Islamic crypto-currency to become more independent from the US Dollar. Here you come to the article “crypto currency as a weapon against the U.S. Dollar: Iran vs. USA”
The Lebanese economy is linked since the 90s is very strong to the US Dollar, which screws now. No one can afford the more expensive currency and it has created a black market. Crypto-currencies, could make an important contribution, to escape the Inflation.
Even the Deutsche Bank believes that in the next decade crypto is the Fiat System of currencies to replace. Here you can read the article.
Can crypto-currencies to help the people in Lebanon?
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