Bitcoin Should Be The Saving Choice of Lebanon

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Thomas Semaan is a finance and eco­nom­ics enthu­si­ast. He launched an Ara­bic speak­ing pod­cast about Bit­coin, eco­nom­ics and Lebanon. Thomas is also an active mem­ber of the Lebanese and Arab Bit­coin community.

Behind the destroyed, unlit roads and the empti­ness of its down­town, Beirut has huge sky­scrap­ers that play the role of the head­quar­ters of Lebanon’s local banks. The tale of the Lebanese suc­cess­ful bank­ing rep­u­ta­tion dates back to the incep­tion of the Lebanese state in 1943. You can pin­point the suc­cess of this sec­tor to many dif­fer­ent aspects, includ­ing but not lim­it­ed to the cen­tral bank’s once-strict mon­e­tary pol­i­cy, the acqui­si­tion of huge amounts of gold in the 20th cen­tu­ry mak­ing Lebanon the third-largest hold­er of gold per capi­ta in the world and num­ber one in the mid­dle east and north of Africa, or the bank­ing secre­cy law that imi­tate the Swiss bank­ing sec­tor which attract­ed many wealthy indi­vid­u­als and cor­po­ra­tions to lever­age it. Also, under the often seem­ing­ly under-devel­oped aspects of the coun­try, lies a huge pub­lic sec­tor, one that gives the impres­sion to be all about pro­duc­tiv­i­ty and ser­vices, but is actu­al­ly wel­farist in essence.

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