A Bitcoin Foundation in Beirut called “Crypto Disaster Relief For Beirut Explosion“ aims to help victims of the horrific explosion.
A bitcoin Fund in Beirut promises much more than relief
The explosion in Beirut has dealt a devastating blow to the country’s economy. Lebanon’s finances were weakened even before the explosion completely tore them apart. The banking system has been severely damaged, and people face serious problems accessing their funds.
The crypto community has launched a Fund to provide assistance to victims. These efforts have provided Lebanese citizens with access to money in such difficult times. The Fund was founded by Lebanese emigrants from Europe, concerned about a serious banking crisis that could further damage the economy.
The campaign of the Bitcoin Beirut Foundation says that the country’s financial system is corrupt to the core. In their Instagram post, they want to highlight the advantages of using cryptocurrency transactions to circumvent the conventional banking system, which is plagued by corruption, inefficiency and technical shortcomings.
The Fund empowers people locally through trusted over-the-counter traders who provide much-needed liquidity to citizens. Local non-profit organizations, including Baytna Baytak, are funded by the Bitcoin Beirut Foundation to help people find food, shelter, and safety.