Protesters in Lebanon set fire to a central bank in Tripoli, and expressed their anger at the country’s deep economic crises and stagnant political stagnation.
Joyce Karam, from the national media in the United Arab Emirates, said on June 11 that the Lebanese pound (LBP) was trading more than $ 5,000 for one dollar, although it was officially tied at $ 507 – a 20 percent decrease from April or more 230%, as binding was observed in January.
However, recent reports also indicate that more and more protesters are using Bitcoins (BTC) as a way to bypass Lebanon’s monetary bankruptcy system.
Banks burn as riots grow
On June 12, Reuters reported that the Lebanese Central Bank will begin depositing money in the foreign exchange market in an attempt to reduce the weakening weakness, which has exacerbated domestic tensions and turmoil.
The report indicates that some currency traders have already responded to the Central Bank’s actions, which reduced prices to around 4,500 pounds per dollar. Government officials also promised to take action to bring the value down to around 3,000 pounds against the dollar.
But recent politicians ’attempts to suppress the country’s worsening economic crisis have largely failed, as protesters erupted in recent protests against debris and fire banks, while Lebanese officials collected record debt.
Bitcoin is gaining in popularity with currency flows
In turmoil, more Lebanese citizens are turning to bitcoin and cryptocurrencies, while Nikkei Asian Review reports that digital assets are “seen as an alternative to dollar assets” among protesters in the country.
However, the confusion surrounding the cost of Lebanese disposal has resulted in erroneous quotes quoted in the Bitcoin market peer-to-peer Localbitcoins – current listings for the buying group from 19 million Lebanese pounds to 57 million Lebanese pounds per BTC, sales offers range from 12 5 to 40 million
Bitcoin has become increasingly popular as an alternative asset guarantee in the face of hyperinflation spreading in the country, and Venezuela has long been a leader in the local Bitcoin market.