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On September 22, this year, the Association of Banks in Lebanon (ABL) announced that all banks will be closed indefinitely. The government has prohibited withdrawals of deposits since September 16th.
Lebanon is going through a financial crisis that began in 2019. The pandemic and the Beirut explosion (2020) exacerbated the situation. According to Reuters, the Lebanese pound fell from 1500 to 15000 against the dollar. The IMF estimates that $83 million in 2020.
Bank robberies have become common news now. People can be seen breaking open into banks to get their frozen money out. Amid this turmoil, some youngsters in the war-ravaged country have turned to cryptocurrency.
The crypto trade is occurring in a Person to Person or P2P fashion via regular social media sites including Telegram and WhatsApp. The volume ranges between few 100 dollars to a few 1000 dollars.4
According to Thomson Reuters, 6 cryptocurrency traders concurred that millions of transactions were occurring every day in Lebanon.
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