The scenario in Lebanon simply got extreme since the Western Asian nation is presently facing what seems to be its worst economic crisis since the end of its civil war in 1990.
Reports from global news websites, France 24, now demonstrated that angry protesters established a night-time assault on many banks at the Beirut, the capital city and business hub of Lebanon, following a short lull in the previous weeks.
The demonstrators were fiercer in their revived rallies since they assaulted the district Hamra, one of the significant banking hubs in Beirut. They burnt disposal bins, damaged ATMs beyond repairs, made the walls with graffiti, and smashed the windows of those banks with resources such as sticks, stone, and fire extinguishers, leaving the assumptions full of shattered glass, possibly as a present for those banks.
But based on this accounts, the banks Hamra homeless a remarkable resilience since they reopened for business regardless of all of the damage.
Why The Attack On Banks? )
For one thing, banks across the world appear to have one thing in common — they care less for the masses, but the exact same can’t be said for politicians and the wealthy couple. Financial associations, one way or another, always prefer the large earners.
The demonstrators accuse the banks from the nation for compelling Lebanon to its worst economic disasters in decades, hence the cause of their anger and assault.
According into the protesters, the banks captured their deposits and limited Lebanese from doing certain transactions like moving money and restricted withdrawal. However, politicians, bank owners, along with other powerful men and women are permitted to do such trades with no limitations.
To make matters worse, most lenders don’t allow individuals to draw more than $1,000 a month, but some have imposed tighter restrictions, despite the fact that there’s absolutely no formal policy for this set up.
These controls in the banks are forcing nearly all endure in the constant plummeting of the nation’s local currency, since they can’t move or transfer their capital into a safe harbor like gold and crypto.
Bitcoin And Crypto Offer Freedom
The decentralized character of Bitcoin along with other cryptocurrencies helps users to have the freedom of money. Crypto enables anyone to transact freely, economically, and alike, unlike what’s happening in Lebanon and other nations around the world.
Perhaps, that this partiality which exists from the traditional financial industry is exactly what would induce the adoption of cryptocurrencies equally as renowned Tyler Winklevoss, that the CEO and co-founder of Gemini market, formerly said.
According to him, individuals are forced to selected crypto because of the quantity of freedom it gives. With the present scenario in Lebanon, influenced Lebanese would gladly open their arms and adopt a new money system which provides them the freedom they deserve.
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