Local Bitcoin sellers demand 50% premium in Lebanon amid strict capital control limits

posted about 1 month ago
The Bitcoin price premium in Lebanon is on the rise, with sellers demanding as much as $15,000 per BTC. With the global average spot price in the $9,500 region, it appears the Lebanese BTC price premium is over 50%. Back in January 2020, the Bitcoin price premium in the country was at 25% as the worsening cash crunch has seen more people moving towards the crypto market. BTC continues to offer a viable alternative to the mainstream financial architecture.

The severe cash crunch in Lebanon has seen the emergence of strict capital control measures with domestic forex withdrawals and cross-border remittance capped at $50 a month and $50,000 a year respectively. Apart from trading, Bitcoin is also providing a channel for wealthy investors in the country to move capital abroad. Rather than taking a 40% haircut on the official forex market, Middle Eastern investors are turning to local Bitcoin traders to transfer funds overseas.
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