The Lebanese economy is in big trouble – it is causing citizens to get Bitcoin (BTC) and altcoin, trying to escape the banking system and protect their savings from falling as the Lebanese pound continues to struggle.
Banks in Lebanon have been trying to stave off a possible pound peak by imposing informal capital controls, forcing users to withdraw their savings confidence through the official exchange rate.
The move means saving Lebanese citizens now 40% less than they would in parallel markets, says Al Jazeera, which says the nation is experiencing a bitcoin boom instead.
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The official exchange rate of the trust is now GEL 1,500 against the US dollar, which is far from the parallel exchange rate of GEL 2,500. In addition, currency withdrawals now range from $ 50 to several hundred dollars a month. Recently, overseas transfers amount to $ 50,000 a year, the report said.
The news agency quotes Mahmoud Dagham, a 29-year-old crypto trader who has been active in the market since 2015, saying: