Confiscation in Lebanon results in serious population uprising

English Apr 30, 2020

Dozens of banks were set on fire and vandalized on the second consecutive night due to an economic crisis and depreciation of more than 50% of the national currency in just 6 months.

The population revolts and attacks banks after control rules imposed by the government, which prevent the entry of foreign currencies and even limit the withdrawal of domestic currency.

A revolt was aggravated by a situation of blockade, which dramatically increased the poverty rates that were already more than 50% before the pandemic.

The population has been showing dissatisfaction with the government since 2019. In October, there will be major demonstrations against the government, but they were due to the corona virus. Now, the situation seems untenable for Lebanese who are increasingly irritated and desperate at the restriction of freedom and poverty that can occur.

Social Affairs Minister Ramzi Mousharafieh said that about 75% of the population of 6 million people require economic support, which will be made available in the same way as possible.

So far, the result has been fatal with the disagreement between the people and the government:

  • 54 soldiers were injured;
  • 19 protesters were arrested;
  • 1 tragic death, shot by a soldier

Once again, we see the importance of keeping funds under the control of the population and not the government. According to local reports, Bitcoin has been traded in the region at twice the market value.


Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.