For 28 years, Lebanon's Lira has been pegged to the US Dollar. But 18 months ago, following widespread protests, the government collapsed. Loan defaults and central bank mismanagement saw the Lira devalue and the people of Lebanon could only watch as the value of their savings dropped by the day.
Currency controls have meant that getting access to US dollar savings is heavily restricted in Lebanon and converting them into local currency at the bank rate is almost worthless.
But a small group of entrepreneurs in Beirut have created an underground Bitcoin market. These Bitcoin dealers meet clients in quiet corners of supermarkets to convert their hoarded dollars into Bitcoin in a bid to preserve their value from the banks 80% devaluation. And to convert overseas dollar remittances into dollars at a real market rate to enable residents to pay for essential services.
As Lebanon is on the brink of collapse, we look at how the Beirut locals are increasingly looking to Bitcoin as an alternative to their broken banking system.
- - - - -
Show notes and transcription:
DEF079 - Show Notes
- - - - -
Timestamps:
Coming soon…
- - - - -
The success of Defiance will be largely down to the support of you, the listener. Below are a number of ways you can help:
- Subscribe to the show on your favourite app so you never miss an episode:
iTunes
Spotify
Deezer
Stitcher
SoundCloud
YouTube
TuneIn
- Leave a review of the show on iTunes (5* really helps, if you think the show deserves it).
- Share the show and episodes out with your friends and family on Facebook, Twitter and LinkedIn.
- Follow Defiance on social media:
Twitter
Facebook
Instagram
YouTube
- Subscribe to the Defiance mailing list.
- Donate Bitcoin here: bc1qd3anlc8lh0cl9ulqah03dmg3r2uxm5r657zr5p
If you have any questions then please email Defiance.
- - - - -