Inflation in Lebanon is over 200%. How the crypto adoption is here.

I live in Lebanon with inflation rate now over 200%, and apparently we are the number one country with the most inflation in the world. (I heard this on the news a couple of weeks ago)

For reference before Covid-19, $1 = 1,500LBP (our currency), now it equals ~100,000LBP (it went up 150k earlier too). As well as the prices of gas and other things went up as well.

The reasons for this, are many, with Covid-19 coming during mass protest times, then an explosion at the sea-port, as well as a corrupt government.

As with all countries experiencing inflation, Cryptocurrencies became more adapted and known of here. I personally used it as a way to buy some digital things online, because the online debit card I had wasn't usable anymore. and it worked great, and I'm thankful for crypto because of that. My brother works freelance programming, and he was accepting payments in crypto as well.

Other than that, many cryptocurrency traders have popped up around the country to buy and sell crypto with / for cash. That is because again, relying on online FIAT bank transfer to do that from a CEX was not guaranteed to work, especially with the KYC as well. These traders (from what I know) are either ones from officially known in-country money transfer store, or just independent ones.

Many relatives and friends we know have adopted crypto and are investing in it as well. And if the situation stays like this (there is no sign of it getting better yet, maybe even worse) many will adopt crypto here, I'm guessing.

Also, (I don't follow the news much, so don't quote me on this) I don't think the government is putting any regulation laws for it, most likely as it's shitty, corrupt, and old-school.