Lebanese bank depositors are turning to cryptocurrencies to escape the financial crisis

09/23 08:44

According to cryptoslate, the government has restricted access to deposit funds due to the economic crisis and closed all banks for a week on September 16. The Association of Banks in Lebanon (ABL) announced on 22 September that it was closing all banks in the country indefinitely as depositors became increasingly eager to withdraw their funds. Meanwhile, young Lebanese are turning to cryptocurrencies to escape the financial crisis, the adoption of which has been increasing in the country since 2021.

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