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Lebanon’s Disruption of Banking Services Highlighting the Nation’s Need for Digital Currency

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Lebanon’s Disruption of Banking Services Highlighting the Nation’s Need for Digital Currency

In light of the recent unrest in Lebanon, Bitcoin advisers are advocating the people of Lebanon to exchange fiat for cryptocurrency. It has been recently announced that the banks of the nation would remain closed owing to the public protests.

Banks to Remain Shut for the 7th Consecutive Day

Twitter feud on 24 October sparked massive heat and debate for the sudden disruption of banking services in Lebanon. Banking services everywhere have been shut down for more than a week since the unrest.

Salim Sfeir, Head of Bank of Beirut stated that bank services would resume once peaceful conditions are restored. The closure would be in effect until the situation improves. Due to the shutdown of services, about 65% of the population of Lebanon has been economically paralyzed, leaving almost two-thirds of the country in total and utter chaos. 

Nassim Nicholas Taleb, reputed Lebanese statistician and author of “The Black Swan” expressed his disappointment with the current economic state of the nation and stated that the government’s actions towards its citizens have solidified the stance for crypto and digital currency. 

Banks have, in any case, always represented themselves as allies of the state by mass bullying the public to avoid accountability and payment. 

Economic Freedom Amid Civil Unrest 

This isn’t the first episode of an economic crisis in 2019. There have been numerous instances of the state withholding finances from its citizens to fund their nationalistic regimes. The Hong Kong unrest is an ongoing example of the dire economic restraints by a country’s functioning government. India too witnessed a similar incident in 2016 which left the entire country in a state of despair. Demonetization brought about a storm of panic and chaos leaving almost the entire population owners of valueless capital. These incidents only help Bitcoin and other digital currencies gain massive acceptance and popularity.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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