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Reports suggest Lebanese are shifting their attention to digital coins, specifically stablecoins, as the nation suffers a financial turmoil. Meanwhile, the government closed local banks early this week, citing the current risks for customers and employees.

No one knows when the banks will kick-start their operations, and that could be among the reasons citizens are searching for alternative monetary tools, including cryptocurrency.

Lebanon faces a staggeringly high level of inflation, with the yearly inflation rate skyrocketing to 264%. That represents a significant increase from February’s 190%.

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Lebanon Inflation Rate Reaches 264%; Citizens Turn to Crypto https://t.co/sUAfPQdP1P pic.twitter.com/6g8Lo8vn36

Lebanon’s high inflation has forced citizens to look for alternative instruments for financial sustenance. That includes using cryptocurrencies to purchase groceries. Moreover, some inhabitants have expressed their views on the nation’s dire situation, stating that $1 is equal to approximately 100,000 LBP. Meantime, countries with record-high inflations have reported surged crypto usage.

The nation’s central bank devalued LBP by 90% on 1 February to fight inflation. Edward Snowden, a whistleblower, highlighted this, stating that BTC is the solution to inflation. Meanwhile, the crypto world may have been used to this phrase. Also, citizens are now recognizing crypto benefits, considering massive adoptions by the Lebanese.

Lebanese economic situation remains deteriorated, even impacting the country’s infrastructure. That has forced some to rob financial institutions, while young tech-savvy resort to Bitcoin mining to sustain themselves.

Moreover, some have jumped into the streets to protest against financial institutions, with Beirut witnessing extreme activity. Meanwhile, the central bank encounters significant accusations, including embezzlement, corruption, and fraud. Thus, individuals are utilizing digital coins like Tether to purchase groceries. While publishing this content $1 is worth around 15 cents.

While storming the crypto world, the Lebanese have shown a massive appetite for AI. CoinGecko data confirms that the country leads in AI crypto interest. Others on the list are Slovenia and UAE. Indeed, nations with weak economies appear more attracted to crypto.

The post Lebanese turn to cryptocurrency amidst inflation-triggered economic turmoil appeared first on Invezz.

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