Nassim Taleb advised Lebanese citizens to use cryptovalues.

   Nassim Nicholas Taleb, an American writer of Lebanese origin, a well-known economist and trader, advised Lebanese citizens to use cryptovalues.

Taleb on Thursday commented on a Twitter message about the decision of the Bank of Lebanon to pay out foreign remittances only in local currency at "market rate".

"Use cryptov currencies," Taleb advised Lebanese citizens.

According to Pierre Madani, chief financial officer of the Beirut-based management company Kafalat S.A.L., against the backdrop of the depreciation of the Lebanese pound, the Bank of Lebanon will withdraw hard currency from the accounts of international money transfer services. As a result, residents will only be able to receive funds in the Lebanese pound rather than in more stable foreign currencies.

Due to the global financial crisis, capital inflows into the country have dried up. Against this background, the Lebanese pound has already lost half of its value since last October. According to some estimates, the number of Lebanese living abroad is three times higher than the number of permanent residents, who live largely due to remittances from abroad.

However, Lebanon is not the only country that restricts the withdrawal of foreign currency transfers. Due to the economic crisis triggered by the Coronavirus pandemic, banks in Egypt, Poland and even the United States have also imposed a number of restrictions on foreign exchange transactions in recent weeks.

Late last year, Taleb said that Lebanon is a case of citizens losing confidence in public banking systems and therefore "Bitcoin in developing countries is the best alternative to local fiat currencies.

"It's very good that we have crypt currencies. Of course, there are still quite a few scammers and pyramids in this area, but when a government like Lebanon launches state pyramid schemes, you can decide for yourself what is best," Taleb said.