Lebanon government forced its people to use crypto currency || Crypto news
NEWS from Lebanon
On September 22, Lebanon"s Association of Lebanese Banks (ABL) announced that all banks in the country would be closed permanently as people began withdrawing deposits. Following this, it has been reported that people have turned to Cryptocurrencies for money transfer.
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Lebanese Banks
An announcement that banks in Lebanon will be closed "indefinitely" has sparked outrage and riots. Anger among people has increased as people who have deposited in the bank are not able to access their savings. Theft at seven bank branches Banks have been ordered to close after last week"s robbery at seven bank branches. At a time when three-quarters of the population is mired in poverty, the banking industry has been freezing deposits and putting limits on how much money people can withdraw for more than two years.
Theft at seven bank branches
Banks have been ordered to close after last week"s robbery at seven bank branches. At a time when three-quarters of the population is in poverty, the banking industry has been freezing deposits and putting limits on how much money people can withdraw for more than two years.
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September 16
The Lebanese government has restricted withdrawals from people"s bank deposit accounts on September 16 due to the economic crisis. It also ordered the closure of all banks in the country for a week.
Not only this order shock the common people in Lebanon, but many businesses were left wondering what to do.
Cryptocurrency
Cryptosate reports that young people in Lebanon are now increasingly using cryptocurrency to escape financial problem, and that cryptocurrency usage in the country will continue to grow from 2021.
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Binance
Changpeng Zhao, CEO of Binance, the worlds leading cryptocurrency trading platform, also tweeted the news. In response to Zhao"s tweet, hundreds of people expressed support for ownership of cryptocurrencies.
Trades
With banks closed in Lebanon, currency exchange has slowed down considerably. But many have tweeted that many businesses are now being saved from being shut down because cryptocurrency exchanges are helping.
Financial crisis
Lebanon has been experiencing a financial crisis since August 2019, which was worsened by an outbreak and epidemic in Beirut in 2020. In 2020, the IMF predicted that Lebanon would face a deficit of around $83 million.
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A part of your writing is repeated in two paragraphs. Its a shock news to know about the situation of Lebanon. How banks can stop withdrawing funds!! The owners of the fund is the account holders, not bank. In such a critical situation, the banks and govt working in reverse way. Lets see how crypto adopt there. Thanks for sharing.
Sorry for the mistake.
Yes. The owner of the Fund is account holder. But the bank refused to give because of unstable situation and no fund in Bank. Due to this, people lost trust and turned to crypto. They are changing from centralised to decentralised.
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Wish you and your family a very happy Diwali