Reports suggest Lebanese are shifting their attention to digital coins, specifically stablecoins, as the nation suffers a financial turmoil. Meanwhile, the government closed local banks early this week, citing the current risks for customers and employees.
No one knows when the banks will kick-start their operations, and that could be among the reasons citizens are searching for alternative monetary tools, including cryptocurrency.
Lebanon faces a staggeringly high level of inflation, with the yearly inflation rate skyrocketing to 264%. That represents a significant increase from February’s 190%.