A few years ago, the banking cartel in #Lebanon took matters into their own hands, implementing unofficial capital controls on depositor accounts. This decision left Lebanese people unable to access their hard-earned life savings. This wasn't a government policy but an independent cartel's choice.
Yesterday, we visited the bank to sign paperwork allowing us to withdraw a meager $300 per month for one year, as dictated by a central bank circular. Although we could have stretched it over a longer period, we opted for one year in hopes of being able to take out more in the future.
Claiming our own money was nothing short of a nightmare.
We spent four agonizing hours at the bank, even though we were the sole customers. Astonishingly, even for a joint (and / or) account, they mandated that both parties be present, an utter waste of our time.
We were confronted with a stack of over 100 pages of legal documents, most of which seemed designed to restrict our rights to challenge the bank (not that it would have mattered, given the corrupt judicial system) and absolve them of any accountability.
To add insult to injury, we discovered that our account had been labeled as "dormant," despite our inability to use it. Looking at the account statement, we were appalled to see a $200 monthly inactivity fee imposed over the past three months, on top of the account service fee. $200! They hadn't even bothered to inform us of this new fee, as they were obligated to do. It was as if they had realized months ago that we were living abroad and decided to secretly drain our account without our knowledge.
It's brutal.
Lebanese people have been robbed twice over.
First, they are denied access to their own money.
Then, the meager funds they can claim are held hostage, contingent upon relinquishing their right to justice.
And if they fail to claim their own money, the banks continue siphoning it away under the guise of arbitrary "legal" banking fees.
But amidst this turmoil, there's a glimmer of hope.
Self-custody is the future.
#Bitcoin.