Mass protests in Lebanon, which began as a demonstration over tax proposals, have since escalated into a full-blown financial crisis. As such, Bitcoin, and other decentralized cryptocurrencies, demonstrate, once again, the importance of financial sovereignty.
Lebanese protestors. (Source: shutterstock.com)
Lebanon Is In Crisis
Lebanon has a history of conflict, such as the civil war which saw sectarian violence during the mid-seventies. And more recently, it has experienced instability as a result of the problems in Syria.
Map of West Asia. (Source: google.com)
But it was in October 2019, when the Lebanese government announced changes to the taxation of fuel, tobacco, and phone data, that the people of Lebanon took to the streets to call for social and economic reform.
Prime Minister Saad Hariri resigned two weeks into the protests. And now, three months in, a new government, led by non-partisan Prime Minister Hassan Diab, has taken the helm.
Although this has satisfied calls for a change in leadership, it has done little to quell the problems facing the already troubled country.
“The country is buckling under a severe liquidity crisis, with informal and irregular capital controls being imposed across its banking sector. Layoffs and salary cuts are rampant.”
And considering that Lebanon is due to make a vast bond repayment in March and April, the situation looks dire. According to Reuters, $1.34 billion is owed in interest, with an additional $842 million repayment due to the principal.
As such, Nafez Zouk, Lead Economist at Oxford Economics, states that Lebanon’s new government is running out of space to maneuver. Based on estimates, Zouk believes that the country will have exhausted its reserves by September.
With that in mind, as is often the case in crisis-torn countries, the case for Bitcoin, and monetary freedom, is further strengthened.
Great thread on the unfolding financial crisis in Lebanon
Govt is running out of options, currency is trading at steep discounts in black market, and bank depositors soon to take a 50% haircut https://t.co/AGtazpEe2v
— Su Zhu (@zhusu) January 27, 2020
The Case For Bitcoin
The situation in Lebanon is intensifying by the day. Violent confrontations against capital controls have left cities looking like war zones.
Last week saw clashes between security forces and protestors in the financial district of Hamra.
“They torched waste bins, destroyed ATMs and smashed the display windows of banks using fire extinguishers, rocks and metal rods.”
The protestors were venting their frustrations over imposed capital limitations. Although no official policies are in place, many banks have capped withdrawals to $1,000 a month. This only highlights that money in the bank is not yours to do with as you please.
As such, the case for alternatives that promote personal sovereignty, such as Bitcoin, really hits home during crisis situations. With Bitcoin, there are no limitations on withdrawal, or censorship of transactions.
Bitcoin advocate, Gigi highlights the visionary foresight of the cypherpunks, who imaged a time in the future when freedom to transact would be critical.
“It is easy to forget that “permissionless” and “censorship-resistant” are more than mere buzzwords. Under difficult circumstances, these words become a matter of life and death.”
With that in mind, the ultimate protest would be for the people of Lebanon to choose Bitcoin in mass. The post appeared first on NewsBTC. origin »
Absolute scarcity isn’t Bitcoin’s only value proposition. Enabling users to unilaterally control their financial lives is priceless. The ninth installment of 10 Steps to Self-Sovereignty powered by Ledger.
Bitcoin (BTC) is increasingly serving as a critical channel for cross-border financial flows amid global financial instability, according to a new report by the International Monetary Fund (IMF). The report — called “A Primer on Bitcoin Cross-Border Flows” — sheds light on how the decentralized nature of Bitcoin is being leveraged to bypass traditional banking […]
The post IMF says Bitcoin has become necessary financial tool for preserving wealth amid financial instability appeared first on CryptoSlate.
Cetera Financial Group, a leading financial advisor Wealth Hub, has officially announced its endorsement of four spot Bitcoin Exchange-Traded Funds (ETFs). This approval paves the way for its network of financial professionals to incorporate these cryptocurrency funds into their clients’ portfolios.
TLDR Following a thunderous December, Bitcoin (BTC) has now become a top-ten financial asset in the world. After breaking the $40,000 barrier over the weekend, it is now trading above $44,000. Its staggering 150% increase since the start of the year makes it the most remarkable financial performance.
Bitcoin (BTC) mining firm Hut 8’s financial statements for 2022 showed that the miner earned less revenue despite its higher productivity levels, according to a March 9 statement.
The post Bitcoin miner Hut 8’s shares fall 9% after 2022 financial report appeared first on CryptoSlate.
The traditional financial system and fiat currencies have been operating for almost 100 years without challenge until the launch of Bitcoin in 2009. The cryptocurrency prompted a financial revolution with implications yet to come and a new era of independence for individuals.
Bitcoin has been named the best investment asset of the last decade. Arguably a direct product of the financial crisis of 2007 and 2008, BTC represents the opposite of the fiat standard: it is transparency, openness, inclusion, and possibly the foundation stone of a new financial system in a world without bailouts. In terms of […]
The International Monetary Fund has become the first major financial gatekeeper to reference the recent move by El Salvador to legalize Bitcoin. Several figures in the legacy financial space continue to espouse anti-crypto sentiments even as the market becomes more popular.
Fintech is the long-term story for COVID-19 related financial developments, not Bitcoin, JP Morgan analysts.
The post JPMorgan Chooses ‘Fintech Over Bitcoin’ As the Real Financial Game Changer during Global Pandemic first appeared on BitcoinExchangeGuide.
On this special holiday episode of "On Purpose," host Tyrone Ross breaks down his viewpoint on the abuse financial advisers are receiving for missing the boat on bitcoin.
Bitcoin investor Jim Harper has sued the U. S. Internal Revenue Service (IRS), its commissioner, and a number of federal agents. He alleged that they unlawfully seized his private financial information from three cryptocurrency exchanges.
During times of financial crises, people have often been on the lookout for better financial systems. Bitcoin and cryptocurrencies might be one such financial system that people can opt for during an The post Bitcoin can emerge as a disciplinary force for 'weak governance states' appeared first on AMBCrypto.
The COVID-19 pandemic and the resulting global crisis has affected all aspects of day to day life. A year that was looked at with a lot of anticipation by the crypto-community turned into a case studyThe post Bitcoin may be an 'amplifier of contagion' in times of serious financial disruption appeared first on AMBCrypto.
The financial industry is currently seeking to integrate the new financial technology with the traditional financial tech. Bitcoin is among the cryptocurrencies that serve as a digital asset globally.
Bitcoin (BTC) will most likely perform better than the S&P 500 stock index, believe nearly half of the 350 financial professionals polled by Chainalysis. Volatility Undermines Gains Potential Despite short-term volatility, Bitcoin will be the most promising asset class in the coming year, believe financial experts in a Chainalysis poll.
The UK’s financial regulator, the Financial Conduct Authority says it will not regulate Bitcoin or Ethereum - viewing them as ‘decentralized tokens used as a means of exchange’ and therefore outside its regulatory scope.
Con artists will try anything to make their schemes appear legitimate to unwitting victims. In a recent email doing the rounds to financial advisors, scammers have been impersonating the UK‘s Financial Conduct Authority (FCA) luring victims into a trap with Bitcoin.
For years, financial bigwigs have criticized cryptocurrencies such as Bitcoin, while often lauding its underlying blockchain technology. At times, their negative comments about cryptocurrency have been followed by their institution’s active interest in decentralized ledger technology – with some going as far as filing cryptocurrency-related patents and launching blockchain-based pilots.
A financial professional paid $10 to his bank for making more than six saving withdrawals. Later, he admitted that using Bitcoin could have been cheaper. Short the Bankers Pat Chirchirillo, a financial advisor at Philadelphia-based McAdam Financial, found a 3,233% different between the cost of withdrawals in banks and Bitcoin.
New York based cryptocurrency exchange Gemini is taking new strides into institutional crypto investing. The exchange has partnered with institutional investor trading platform Omniex to allow better-investing solution for larger investors.
Yesterday, October 11th 2018, you may have heard of a little bit of a crash that occurred in the markets, seeing Bitcoin significantly dropping below the $6,500 mark. The third biggest digital currency saw a big change too as it moved from $0.
The digital currency ETF is a big part of the debate in a recent Bloomberg interview which had JP Morgan’s Asset Management Head of International ETFs, Bryson Lake on the panel. The interview looked at how JP Morgan believes in the latest mover advantage in terms of the digital currency market and ETFs.
Bitcoin got the ball rolling for the cryptocurrency market and the industry that surrounds it. In terms of technology, the creator of Bitcoin was a genius and was well set to radically change the financial market and the way it works.
Kubitx, a Pan-African financial technology startup registered in Malta, announced the beta launch of its new cryptocurrency exchange on Thursday. The platform, which supports seven digital coins for the test, including BCH and BTC, will initially be available to users in Nigeria, before the company expands it to other African countries in the coming months.
“Bringing a complex and fast evolving area like cryptocurrencies into a regulatory framework is going to be a difficult and lengthy process. ” Those were the words of James Kaufmann the Legal Director of a UK based law firm, RPC.
The world of digital currencies and the world of gambling seem to be joining up. The benefits offered by currencies such as the market leader, Bitcoin isn’t an oversight. Winning Poker Network is one of the companies that is benefitting from supporting from the world of crypto over the past few years.
Cryptocurrencies do not pose a threat to global financial stability, but the diverse range of national regulatory regimes throughout the world continues to complicate efforts to establish an international legislative framework overseeing their use, the Financial Stability Board says in a new report.
It has been a busy week for Singapore as it relates to cryptocurrency. The city-state is set open the first fiat-crypto exchange in Southeast Asia, while the financial regulator has vowed to help crypto companies set up local bank accounts, according to media reports.
The founder of Ethereum, Vitalik Buterin has just revealed how much Ethereum he actually owns. In a recent tweet, Buterin responds to accusations by an economist at NYU and crypto critic Nouriel Roubini (also known as Dr Doom) who has claimed that Buterin is a scammer and a thief.
The market correction followed the IMF's report saying that the rapid growth of crypto assets can create new vulnerabilities in the global financial system.
The post Bitcoin and Other Cryptos Enter Massive Correction, $16 Billion Market Cap Erased appeared first on CoinSpeaker.
Digital currency businesses have seen several difficulties in securing banking services in the UK and now they have a new option. LBX has launched a new service which offers access to an account where customers can store, manage and transfer both their traditional currency and their holding of digital currency.
The crypto world seems to be on a different planet to the regular banking world. The companies behind the various digital currencies and their products are almost out of a futuristic science fiction movie.
Mize Network is committed to the creation of excellent, long-term financial results. To achieve this goal, it will integrate sustainability into its business model. The results of this success will be available to the clients and consultants.
Ten years after the financial crisis of 2008, an artist known as Nelson Saiers has placed his latest artwork across the street from the New York Federal Reserve building in the financial district.
In an effort to bring their members up to speed about the goings on in the financial world, the AARP has published a list of Wall Street definitions. Amongst the different terms defined by the U.
A warning statement from the International Monetary Fund (IMF) ascertains the “rapid growth” of Bitcoin and other cryptocurrencies could create “new vulnerabilities” in the globe’s financial markets, as published in the IMF’s World Economic Outlook report on October 9, 2018.
Although blockchain is still clearly in its early stages of adoption, it is becoming increasingly clear that the technology underpinning Bitcoin and cryptocurrency will ultimately affect the daily lives of all individuals.
The global Financial Stability Board has released a report focusing on cryptocurrencies such a Bitcoin and Ether earlier today. During the document, the group stated that the fintech phenomenon does not yet pose a risk to financial stability, but careful monitoring of the space is required.
The Liquid Network is up and running. More than a year after its conceptual introduction at the Blockchain Association of Canada's Government Forum in Ottawa, Blockstream’s bitcoin scaling solution made its public debut on October 10, 2018, after going live among its partners on September 27.
A Bitcoiner used his wedding day to share his love for his favorite digital currency, Bitcoin, by gifting 4,000 Satoshis to every guest and incorporating a volcano theme.
Banque Du Liban, the central bank of Lebanon is set to launch a central bank digital currency (CBDC) in 2021. According to a report by a state-run news publication on Tuesday, the central bank’s governor, Riad Salameh, indicated that the digital currency project is part of a move aimed at restoring confidence in the crumbling […]
The Lebanese Central Bank plans to introduce a central bank digital currency by 2021 in a bid to restore confidence in the banking sector and move the economy to a cashless system. Major Development In a public announcement, the governor of the Lebanese central bank, Raid Salameh encouraged banks to plan on how to restructureRead MoreRead More.
The Lebanese Republic, a Western Asian nation bothered by Israel to the South and Cyprus to the west, has been faced with serious economic turmoil in recent times, with the nation’s currency, the Lebanese Lira now trading at 9,600 against the U.
