Citizens Of Lebanon Use Crypto To Fight Inflation

Inflation is a headache for many countries, including Lebanon, and people here have used crypto as a measure to combat the devaluation of the currency, according to a story shared by CNBC.

Gebrael was an architect who resided in Beit Mery, a community located eleven miles east of Beirut. He wanted to find a quick means to obtain money because he had lost his work.

Gebrael claims that the banks were shut down, and people could not withdraw money from their accounts in the spring of 2020. The 27-year-old claimed that receiving money via an international wire transfer wasn’t a viable choice because these firms would convert U.S. dollars from the sender to Lebanese pounds for the receiver at a price far below market value.

He found a forum devoted to matching companies eager to pay in bitcoin with freelancers. The first task for the architect was to direct a brief ad for a business that supplied tires. Bitcoin was used to pay Gebrael $5. Despite the small quantity, he became interested.

90% of Gebrael’s current revenue comes from freelancing labor, which he receives in Bitcoin. The other half comes from his new architecture business, which pays him a salary in dollars. Bitcoin has evolved into his bank and is a practical means of support.

Then, every Saturday, he spends that money on a tiny quantity of Bitcoin. He maintains the balance to use for everyday expenses and house improvements.

“When I get paid from my architecture job, I withdraw all my money,” said the architect.

In Lebanon, the local currency has lost more than 95% of its value since August 2019, the minimum wage has effectively decreased from $450 to $17 per month, pensions are essentially worthless, and this year, Sudan is predicted to have the second-highest triple-digit inflation rate in Lebanon. Bank account balances are also just numbers on paper. Gebrael stated:

“Bitcoin has really given us hope. I was born in my village, I’ve lived here my whole life, and Bitcoin has helped me to stay here.”

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