Lebanese Adopt Bitcoin Over their Fiat.

[DaNNy001]

Lebanon have been facing serious economic  crisis  and has caused so many problems for many Lebanese in the country and now some Lebanese have turned to crypto currency like bitcoin, tether, usdt and other cryptocurrency for making of payment in stores and payment of services to make life easy.

Although crypto is prohibited in Lebanon. The citizens and some businesses have more trust on using cryptocurrency (bitcoin)  over their Fiat currency

According  Lubomir Tassev, a journalist,  "Cryptocurrency becomes lifeline for some Lebanese  who are trying to make ends meet in the meltdown " Lebanese Mint, Keep, Spend Crypto Amid Crisis, Report Unveils

[348Judah]

This is almost thesame applicable challenges many other countries are facing as they have resulted to use bitcoin for their financial economy in other to ease the burden frombthe fiat system, bitcoin is no doubt an alternative rescue digital currency that secures the economy and the finance investment people engage doing in present days, the country may not permit it's commercial banks to engage bitcoin transaction but p2p has always been a source of rescue being totally decentralized on the digital network of blockchain.

[jackg]

I'd guess making it illegal just makes it harder to track (for the authorities in particular) that's the same with a lot of things and is why banning crypto won't work out the way governments actually expect.

I think defi does offer an interesting banking opportunity to users in poorer countries to earn an interest on usd (from what I've read, any that allow you to store usd in banks don't normally pay any interest because it still pays higher than the native currency plus interest).

They probably don't need a high circulating supply either if shops off load their crypto fast enough (which they might do if there's a demand for it or they have investments/stock to buy).

[pooya87]

Considering the hyperinflation, it is expected to see a lot of people buy bitcoin as an investment even during a time where it drops. But still the adoption is very small, even in a country like Lebanon with hyperinflation so claiming that the Lebanese have adopted bitcoin is false. Only a small percentage have invested in bitcoin.

As for legality I couldn't really find any solid news. Some sources say it is illegal but nobody enforces the law. Some other sources say there is no such law to begin with since the legislation hasn't passed anything yet.

[electronicash]

Considering the hyperinflation, it is expected to see a lot of people buy bitcoin as an investment even during a time where it drops. But still the adoption is very small, even in a country like Lebanon with hyperinflation so claiming that the Lebanese have adopted bitcoin is false. Only a small percentage have invested in bitcoin.

As for legality I couldn't really find any solid news. Some sources say it is illegal but nobody enforces the law. Some other sources say there is no such law to begin with since the legislation hasn't passed anything yet.

a bit risky. the small percentage i guess are the rich people in the country. if i am from Lebanon i'd take the risk.

the crash of BTC just yesterday must have made Lebanese panic. a custodial wallet with access to stablecoin would be best for this country to make the adoption. access to USD is vital to poor countries like Lebanon. USD is such a good hedge and even profitable to hold for countries with runaway inflation

[coupable]

The problem in Lebanon is that the banking system is far from reality in Lebanon, and this is a result of the depreciation of the local currency and its significant decline against all major currencies. The price of the dollar in the market is more than twice its price in banks. An inevitable result that the Lebanese citizen searches for the most stable and affordable currencies. Perhaps it is fortunate for them that crypto is banned in Lebanon so that they can rest from the government tracking their transfers.

[KingsDen]

There is one thing I have noticed about Bitcoin, bitcoin is not only an alternative to payment as proposed by satoshi. Bitcoin can also be seen as a saviour. This is because wherever there is trouble, the people will run to bitcoin for succour.
Wherever there is economic meltdown, currency crash or even war, bitcoin is always the next step for the Citizens of that very country to survive. Bitcoin is a great refuge in times of adversity

[buwaytress]

Considering the hyperinflation, it is expected to see a lot of people buy bitcoin as an investment even during a time where it drops. But still the adoption is very small, even in a country like Lebanon with hyperinflation so claiming that the Lebanese have adopted bitcoin is false. Only a small percentage have invested in bitcoin.

As for legality I couldn't really find any solid news. Some sources say it is illegal but nobody enforces the law. Some other sources say there is no such law to begin with since the legislation hasn't passed anything yet.

Yeah, I'm hearing now that Lebanon's a hotspot for tourists who can bring dollars (and also euro), even neighbouring Iraqis, who really couldn't afford holidays, are not coming there.

But only if you bring dollar/euros. Hyperinflation's really crap there so if you do local currency, you go black market or you pay a lot.

Those dollars, I suspect people will be buying BTC with. Dollar at a high not seen before there, but coming down soon. Bitcoin on the other end of spectrum.

[Zlantann]

Lebanon have been facing serious economic  crisis  and has caused so many problems for many Lebanese in the country and now some Lebanese have turned to crypto currency like bitcoin, tether, usdt and other cryptocurrency for making of payment in stores and payment of services to make life easy.

Although crypto is prohibited in Lebanon. The citizens and some businesses have more trust on using cryptocurrency (bitcoin)  over their Fiat currency

According  Lubomir Tassev, a journalist,  "Cryptocurrency becomes lifeline for some Lebanese  who are trying to make ends meet in the meltdown " Lebanese Mint, Keep, Spend Crypto Amid Crisis, Report Unveils

Most national currencies are loosing value which has really affected the purchasing power of the people, therefore they are looking for alternatives to store their income. Although Bitcoin has lost almost 70% of its value recently but their are indications that it would pickup in the nearest future. But most of these fiat currency would or have never recovered from their loss of value that is why people are now adopting Bitcoin.Like in my country most people are choosing Bitcoin as a means of payment due to unreliable bank transactions and high bank charges. Government policy could also be another reason for the acceptance of Bitcoin. In my country there are policies that limit citizens from depositing or receiving certain amount of money. But Bitcoin is a tool to bypass such restrictions.

[romero121]

Lebanon being a country with population around 7 million won't make big impact over the market of bitcoin. However this will have a big change among the common people who have been struggling out of the inflation. Amidst the ban from the government, people taking adequate measures to use cryptocurrency show how hard inflation have disturbed their living.

Lebanon is composed of ethnic groups and this will surely help with the successful spreading about the adoption within the people. Soon we can expect good growth from Lebanon through bitcoin.