As hyperinflation grips Lebanon, citizens have turned to decentralized mechanisms such as cryptocurrencies to help them survive in the long run.
Lebanese citizens have begun to accept digital cryptocurrency payments, which have now become an essential part of their daily life.
According to a recent CNBC story, Lebanese citizens have embraced cryptocurrency in an effort to counteract the country’s long-standing hyperinflation.
The country is now accepting USDT payments and is gradually warming up to cryptocurrencies by incorporating them into its daily lives.
The story goes on to say that Lebanese citizens have begun to accept payments in USDT, which has now become a widely accepted form of payment in the region.
The reports all say that all major electronic shops, cafes, and restaurants are now taking bitcoin payments as the Lebanese pound continues to fall to new lows.
The study also discusses how Lebanese individuals have begun to utilize Tether to purchase basic essentials like groceries and food.
According to the World Bank, Lebanon is experiencing one of the most severe economic crises in its history, exacerbated by the country’s continuous conflict and civil instability.
However, in the midst of such dire financial and economic conditions, Lebanese individuals have found solace in the shape of cryptocurrencies.
Several Lebanese residents have begun to mine cryptocurrency professionally in order to make good money. The region’s low-cost electricity infrastructure has proven to be a godsend for these miners, who want to maximize their profits.