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Lebanon: Cryptocurrency Transactions Turn Into Cash and BTC

Lebanon and crypto

In bankrupt Lebanon, locals mine BTC and buy food with USDT

All the inflation is in one sentence: "You need a backpack to go to lunch with a group of friends.

Chainalysis: the volume of crypto transactions in Lebanon has doubled in a year

By 2019, as Lebanon plunged into a financial crisis after decades of costly wars and poor spending decisions, a decentralized and borderless digital currency sounded like a lifesaver

Giorgio was an architect in the city of Beit Merri. In the spring of 2020, locals were prohibited from withdrawing money from their accounts. Getting cash by international bank transfer was not an option either, as USD was taken away and issued Lebanese pounds

Today 90% of Giorgio's income is paid in BTC and USDT

"When I get paid for my architectural work, I withdraw all my money." He then uses that cash to buy a small amount of USDT every Saturday. He spends the rest on daily necessities and home repairs

Many people mine coins as their only source of income while they look for work. Others organize secret meetings on Telegram to exchange USDT for гыв to buy groceries.

"BTC has really given us hope," said Giorgio. "and BTC has helped me stay here."

The use of USDT is also gaining momentum. Many cafes, restaurants and electronics stores accept USDT and BTC.

Some establishment owners report that about 30 percent of payments are made in cryptocurrency

"Bitcoin offers a system that is not susceptible to corruption; a system that is basically permission-free and resistant to censorship. No one can devalue BTC with an issue of 21 million."

MassAdoption

This post is based on this twitter thread.

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