Wednesday, May 29, 2024
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Afghans moves toward crypto trading to fight against ongoing financial crisis in Afghanistan

Afghanistan’s citizens are apparently turning to cryptocurrencies to help them get over the financial crisis that erupted after the Taliban’s capture of their country.

Many Afghans are claimed to have moved to crypto trading to fulfil their financial demands after the Taliban takeover, causing the nation to progressively climb the crypto acceptance ladder. Afghanistan ranked 20th out of 154 nations in Chainalysis’s Crypto Adoption Index during the 2021 crypto boom. Afghanistan has moved up to sixth place in the world of crypto adoption because of how many people use them to buy and sell things.

During the takeover, the Taliban banned bank withdrawals in retaliation for US sanctions. People were unable to get basic necessities as a result, and even putting food on the table had become difficult. This drew a lot of attention from worldwide media sources, and with it came a lot of contributions.

Sanctions imposed on the country have hampered many other NGOs and humanitarian organisations. They were also concerned about informal money exchangers who may be involved in drug trafficking. As a result, the only realistic choice left was cryptocurrency.

Some Afghans started using Virtual Private Networks (VPNs) to hide their geographical location and IP address in order to conduct deals. Even outside of Afghanistan, this is a regular practise. Afghans, on the other hand, are said to have found a new way to exchange cryptocurrency for cash and cash for cash.

The Taliban has not yet prohibited bitcoin trading in the country. However, because the Taliban’s approach to any policy has been a mess, this could change at any time.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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