ICYMI ~~ Report: Afghans Use Crypto to Curb Taliban's Influence on Their Financial Well-Being
Afghan residents are reportedly acquiring digital assets that they use to preserve their savings and to diminish the ruling Taliban’s ability to affect their financial well-being. Since the militant group seized control, the value of crypto transactions per week has in some cases doubled, a Bloomberg report has said.Demand for digital currencies in Afghanistan has reportedly surged as residents seek to pre-empt the possible seizure of their funds by the Taliban government.
Demand for cryptocurrencies is high. During other crises, people stored their cash and jewellery in the ground or under their pillows. This time, they’ve decided to keep it buried in crypto. The report also cites another 26-year-old Afghan, Naser Ali, who claims to have converted $30,000 stashed in his safe to. According to Ali, reports of the Taliban storming homes and confiscating Afghan citizens’ belongings was a key factor that compelled him to convert from fiat to crypto.
Further, in his remarks published in the report, Ali said he regretted not having known about cryptocurrencies sooner.Meanwhile, since taking control of the country, the Taliban government has reportedly suspended secondary education for teenage girls. The group has also asked government employees to grow beards and has instituted gender segregation in amusement parks. Just shortly after the militant group toppled the previous government, the U.S.
Despite the surging demand for cryptocurrencies, exchanges like Maihan say the U.S. sanctions on Afghanistan are making it difficult for residents to buy digital currencies. Further, residents buying from local crypto exchanges are charged a commission of 1.5% for every crypto transaction.
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