Cryptocurrency is a booming market all over the world, people are moving away from trading cryptocurrencies and even more young people are becoming experts in this field. Cryptocurrency is said to be the future of banking and finance in the world and it will be the most popular currency in the world. But on the other hand, the Taliban government has banned forex and cryptocurrency trading, arguing that it is associated with fraud and illegal activities.
These bans were put in place to enforce a ban on cryptocurrency trading by the Central Bank of Afghanistan, and the convicts are currently being held in custody. All of these exchanges that have been banned are in the country’s western province of Herat, where more technological progress has been made compared to the rest of the country.
This was stated to journalists by Syed Shah Saadat, head of the police department for combating crime;
“The central bank has banned cryptocurrency trading as the practice has created problems and scams. All people involved in the local crypto business have been arrested and their stores closed.”
After the Taliban returned to power in Afghanistan, the financial situation of the local population worsened as billions of dollars of foreign aid ceased and US sanctions froze their foreign assets. The aftermath of the Taliban takeover has increased local interest in cryptocurrencies, but sanctions have made it difficult for residents to purchase digital assets. Afghanistan was showing increasing interest in cryptocurrencies and was on its way to becoming one of the leading countries using cryptocurrencies. According to an analysis by Chainalysis, Afghanistan was among the top 20 countries most active in using crypto, but the “government banning women’s education” did not want their citizens to excel in any area and, as expected, it was banned.
Many supporters, including U.S. Deputy Treasury Secretary Wally Adeyemo, said the deteriorating situation in Afghanistan could be helped
“Just imagine what a seamless global digital payment system with proper controls on illicit finance could do for people in places like Afghanistan—if relatives abroad could easily send money transfers, or if NGOs could pay their employees at the other end. light with one click. 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 stupid decisions like these by the Taliban government and their decision making does not seem to improve even after the results make the citizens suffer.
“Afghanistan’s economic crisis continues to worsen, and there is little opportunity for citizens and businesses to access the financial resources they need. Many local banks are on the verge of bankruptcy, humanitarian organizations are struggling to get funds into the country to pay for their activities, and ordinary Afghans cannot get the cash they need to pay for basic needs.” Adeyemo added in his speech at the Consensus conference.
But above all, the US government should be as quiet as possible about Afghanistan’s problems, since they are the ones who started it all, not to mention criticizing the Taliban government for what they are doing.