For the first time in 25 years, the Lebanese government decided to devalue by 90% the official exchange rate for the pound. The country is adopting a rate of 15,000 Lebanese pounds per dollar. However, the rate in the black market is closer to 60,000 pounds per dollar. The country plans to unify the rates that differed due to the several crises Lebanon went through.
It is even more critical since Lebanon imports about 80% of consumption products, in a country that suffered greatly from the war in Syria. Over 2 million refugees arrived in the country because of the conflict.
Such a devaluation shows the reliability of crypto assets in countries where currencies are very volatile. Holding Bitcoin and other digital currencies instead of the local currency helps to keep your purchasing power in such countries.
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