Lebanon moving toward crypto adoption following the economic downturn

Lebanese citizens accept payments in cryptocurrencies instead of sovereign fiat currency “Lebanese pound”.

Lebanon officially the Republic of Lebanon or the Lebanese Republic is a country in Western Asia. An item that cost 100 pounds in 2009 cost 644.36 pounds at the beginning of 2022, which is enough to explain the pain of the economy of this country.

On 5 November, CNBC reported that the citizens of Lebanon are moving toward USDT (Tether) stablecoin-supported payment systems or directly accepting digital assets payments in their corresponding crypto wallets.

Reportedly the majority of local places like cafes, restaurants & electronics stores are accepting payments in their mobile wallet directly. Almost more than 30% of local stores in the country are accepting crypto assets alongside fiat payment.

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One of the restaurant owners said that they are accepting money directly in mobile, instead of any third-party service or bank.

CNBC: in hyperinflation and turmoil in Lebanon, USDT is in huge demand and can be paid at cafes, tours, and electronics stores. One restaurant stated that about 30% are paid in crypto, "we deposit money in mobile phones (instead of banks)." https://t.co/jAv0QKVtgz

— Wu Blockchain (@WuBlockchain) November 5, 2022

After Turkey, Lebanon became the second country in which citizens are moving toward crypto assets & stablecoin to fight against inflation.

These things are showing that Bitcoin, Ethereum & USDT, like stablecoins are playing improvement roles to fight against inflation more easily, where the economy is facing a downturn.
In the present time, the majority of countries are moving toward the adoption of cryptocurrencies under a highly compliance-based environment, to bring innovations to the respective countries.
It is worth noting that El Salvador’s Bitcoin law, which adopted Bitcoin as a legal tender in the country & companies, acted as a catalyst for other countries to go with bitcoin adoption blindly.

Bitcoin price

At the time of writing this article, the price of Bitcoin is $21,234 and this price is 0.08% low than the last 24 hours’ trade price.

Read also: Now Google is one of the Solana validators

Lebanon moving toward crypto adoption following the economic downturn

 

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