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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.

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Coming soon…

Mentioned in the show:

• Beirut Banyan 

• The Beirut Banyan is creating Podcasts. Storytelling & conversations. From Beirut & beyond. 

• The fall of Beirut | Delayed Gratification

• Explainer: Lebanon's financial meltdown and how it happened

• In a leadership vacuum, volunteers clear the streets of Beirut

• 'Beirut blast threw me across the room' | News

• Lokman Slim, a Prominent Lebanese Critic of Hezbollah, Is Killed

• Lebanon - Civil war and occupation

THANK YOU TO MY SPONSOR

Kraken - the best place to buy, sell or trade Bitcoin.