The Taliban is crushing Afghanistan’s crypto market

A Taliban crackdown has led to a collapse in cryptocurrency use in Afghanistan, according to an investigation, according to a report by BNN Bloomberg.

Taliban crackdown

The use of crypto was on the rise in Afghanistan after it was cut off from global banking and international aid last year. However, its use has completely collapsed. Since November, only USD 80,000 per month has been sent in crypto coins. This while in September 150 million dollars was sent. The decline in crypto occurred when the Taliban returned to power.

The Taliban’s actions have had a huge effect on the country’s crypto markets.

– Chainalysis

Chainalysis, which released a report on the matter, indicates that crypto traders have three options: flee the country, cease operations or risk being arrested.

Afghans used virtual coins as a tool to receive foreign remittances and donations. In addition, they use it to keep their savings out of the hands of the Taliban.

In August, the regime imposed a nationwide ban on crypto called haram. The Taliban arrested 13 crypto traders who defied orders to stop trading digital tokens. They were later released on bail pending trial.

The rise of crypto

Chainalysis said the crypto adoption index in Afghanistan has fallen to last place, after ranking 20th last year.

The crypto market in the Middle East and North Africa is generally relatively small. However, it is one of the fastest growing. Users received $566 billion worth of crypto between July 2021 and June 2022, up 48% from a year earlier.

Read Also:  Bitcoin experts share new post-halving price outlook

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here