Afghans Use Crypto to Curb Taliban’s Influence on Their Financial Well-Being

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Afghans Use Crypto to Curb Taliban’s Influence on Their Financial Well-Being – Residents in Afghanistan have reportedly increased their demand for digital currencies in order to avoid the Taliban administration seizing their assets. In addition, digital currencies are being used to curb the Taliban’s economic impact.

According to a Bloomberg report, some Afghans are interested in purchasing stablecoins such as tether, which are pegged to the US dollar. Habibullah Timori, a 26-year-old Afghan resident, is quoted in the report as supporting claims that his countrymen are exploiting digital assets to save.

Also Read: Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

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He stated:

“Cryptocurrencies are in high demand. People used to store their cash and jewelry in the ground or under their beds during previous crises. They’ve decided to bury it in crypto this time.”

Naser Ali, a 26-year-old Afghan, claims to have changed $30,000 kept in his safe to USDT, according to the report. The Taliban raiding homes and stealing Afghan civilians’ goods, according to Ali, was a major influence in his decision to switch from fiat to crypto. In addition, Ali stated in the report that he regretted not learning about cryptocurrency earlier.

Meanwhile, the Taliban regime has reportedly banned secondary education for young girls since gaining control of the country. The group has also requested that government officials grow beards and that gender segregation in amusement parks be implemented.

The US government banned access to $9 billion in foreign exchange reserves shortly after the militant group defeated the previous government.

While the return of Taliban authority has changed the fortunes of Afghans, it may also have resulted in an increase in the volume of transactions processed by crypto exchanges.

To give an example, the report mentions Maihan, a crypto exchange that now processes crypto transactions worth roughly $400,000 every week. This amount is more than double of what Maihan was handling before the Taliban’s takeover.

Also Read: Crypto Mining Won’t Survive Another Round of Environmental Legislation

Afghans Use Crypto to Curb Taliban’s Influence on Their Financial Well-Being – Despite the rising demand for cryptocurrencies, exchanges such as Maihan claim that the United States’ sanctions on Afghanistan make it impossible for locals to purchase digital currencies. Furthermore, citizens who purchase crypto from local exchanges are charged a 1.5 percent commission on each transaction.

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