"Snowden is also smart, I hope the Lebanese state listens to his solution."
The country of Lebanon devalued its local currency by 90% with the new rate set at 15,000 Lebanese pounds to one United States (US) dollar compared to the previously smaller value of 1,507.
According to Riah Salameh, the governor of the central bank of Lebanon said that the new official exchange rate will result in the share of equity in pounds in the country's commercial banks decreasing.
The string, affected banks will be given a period of five years to recover the losses they face due to devaluation.
Lebanon's banks are reportedly restricting ordinary citizens from accessing their dollar savings as part of their efforts to tackle the country's financial crisis but the move has only worsened the situation.
Explained in more detail, the decision to devalue the currency is in line with the draft agreement reached with the International Monetary Fund (IMF) last year which allowed Lebanon to receive a bailout*.
*The act of providing financial assistance to a failing business or economy to save it from collapse
Therefore, Edward Snowden, a famous whistleblower who is also a staunch supporter of Bitcoin (BTC) gave a solution by mentioning that the digital asset provides various protections against currency depreciation and liquidity.
This is because BTC has a limited supply of 21 million units and 90% of the maximum supply has already been distributed.
As a result, the people of Lebanon do not need to worry that the value of BTC will not go down, plus the digital asset is decentralized and is an alternative banking solution without the need for financial institutions.
Will many people agree with Snowden's proposal?
