Cryptocurrency, News

Taliban Continues Its Crackdown Against Crypto; Ceased 16 Crypto Exchanges

Avatar Written by Techjuice Team · 1 min read>
Bitcoin Ban in Afghanistan

Crypto is a booming market all over the world, people are retiring from trading crypto and even more young people are experts in the field. It is said that crypto is the future of banking and financing in the world and it will be the most popular currency in the world. But on the other hand, the Taliban government has banned trading in forex and cryptocurrency claiming that it involves scams and illegal activities.

These bans were inflicted to ensure the ban of crypto trading from the Afghanistan Central Bank and the convicts are being kept in custody right now. All these exchanges that were banned are in the country’s western province Herat where more technological progress has been made compared to the rest of the country.

Sayed Shah Sa’adat, head of the police’s counter-crime unit, told reporters that;

“The central bank banned crypto trading as the practice spawned issues and scams. All people involved in the local crypto businesses were arrested and their shops were closed”

After the Taliban returned to power in Afghanistan, the financial situation of local people deteriorated as billions of dollars in foreign aid ceased and US sanctions froze its foreign assets. The effects of the Taliban takeover rose local interest in cryptocurrencies, but sanctions made it difficult for residents to buy digital assets. Afghanistan was showing more and more interest in the field of cryptocurrency and was on its way to being one of the top crypto-adopting nations. Afghanistan was in the top 20 crypto-adopting nations in an analysis by Chainalysis, but the “women education banning government” didn’t want their citizens to excel in any field and as expected banned.

Many advocates, including US Deputy Secretary of the Treasury Wally Adeyemo, have said that the declining situation in Afghanistan can be helped by the

“Just imagine what a frictionless, global digital payments system with appropriate controls for illicit finance could do for people in places like Afghanistan — if relatives abroad could easily send remittances, or if NGOs could pay their staff halfway around the world with the click of a button on a smartphone,” Adeyemo said at Consensus 2022 earlier this year.

The situation in Afghanistan is getting worse and worse due to extremist and foolish decisions like these by the Taliban government and their decision-making doesn’t seem to get better even after the results cause citizens to suffer.

“Afghanistan’s economic crisis has continued to fester, with little ability for citizens and businesses to get access to the financial resources they need.  Many local banks are at risk of failure, humanitarian organizations are struggling to bring funds into the country to pay for their operations, and ordinary Afghans cannot access the cash needed to pay for basic needs.” Adeyemo added in his speech at Consensus.

But out of all, the US government should be as quiet as possible in terms of Afghanistan problems as they are the ones that started the whole thing let alone criticize the Taliban government for what they are doing.