That exchange rate also varies depending on the type of dollar. Dollars already inside the restricted Lebanese banking system trade for less than physical dollars from the local black market, which are easier to move around. This is why some people are using bitcoin to buy black-market dollars to pay off their bank loans cheaply, said bitcoin researcher Matt Ahlborg.
Most traders on LocalBitcoin get their bitcoin by using bank accounts outside of their country of residence and use the local listing as a type of advertisement. Some software developers and poker players, who earn bitcoin from foreign clients or online games, also bring their bitcoin to this and other over-the-counter OTC traders to liquidate for local currency. He added the COVID pandemic increased demand, and therefore the fees, of local hawala remittance networks.
Now that hawala options are more expensive, by comparison, bitcoin is a cheaper and more attractive option, he said. Such traders primarily use sites like Paxful for advertising but conduct the trades using other mobile apps. Many bitcoin traders in emerging markets like Lebanon, even professional OTC traders that move assets at scale, rely on WhatsApp as one of the top chat platforms for discussing deals.
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Telegram, WhatsApp, Facebook and Twitter are among the most important platforms in this scene. Social networks have essentially become grassroots financial networks without banking restrictions, relying on global currencies like dollars and bitcoin. In response to this, the government has banned exchange-rate apps showing the actual exchange rate for pounds to dollars.
Meanwhile, proposals from the government and bankers suggest the country is in reform, Mardini added. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs.
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Bitcoin to Lebanese Pound Exchange Rate
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