Lebanese buy groceries with USDT and mine crypto, as their country’s financial system has collapsed
Join Our Telegram channel to stay up to date on breaking news coverage When Lebanese first heard about bitcoin, years ago, many thought it was a hoax. By 2019, however, as Lebanon faced a financial crisis as a result of decades of costly wars and poor spending decisions, a decentralized and borderless digital currency operating outside the reach of bankers and politicians sounded like salvation. “Not everyone believes the banks are bankrupt, but the reality is that they are,” said Ray Hindi, CEO of a Zurich-based digital asset management firm. “The situation hasn’t changed much since 2019.” Banks restricted withdrawals, and deposits became IOUs. “You could have taken out your money with a 15% haircut, then 35%, and now we’re at 85%,” Hindi, who was born and raised in Lebanon before leaving at the age of 19, explained. “People still look at their bank statements and believe they’ll be made whole at some point,...