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Lebanese savers are turning to cryptocurrencies to escape financial crisis

September 23, 2022
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Due to the economic crisis, the government restricted the use of deposit funds and closed all banks for a week on September 16.

The Association of Lebanese Banks (ABL) announced on September 22 that all banks in the country will be closed indefinitely, as depositors become increasingly eager to withdraw their funds.

Meanwhile, young Lebanese are turning to cryptocurrencies to escape the financial crisis, and cryptocurrency adoption in the country has been increasing since 2021.

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