Taliban bans crypto to stop betting in Afghanistan
Afghanistan received assistance from Western nations thanks to cryptocurrencies. Some international groups employed cryptocurrency to deliver help.
The terrorist group Taliban has made a number of significant choices since seizing control of Afghanistan last year. In this episode, the Taliban has outright forbidden the use of cryptocurrency in Afghanistan in order to end gambling. Before, all of Afghanistan was prohibited from using cryptocurrency by the Central Bank of Afghanistan.
Sayyed Shah, a top police official in the province of Herat, stated that some individuals use bitcoins to conceal their wealth from the Taliban in this respect. He declared, “The Central Bank has put a ban on people and companies trading in phony digital currencies like bitcoin. Also detained by the Taliban regime were several individuals engaged in the cryptocurrency-related activity.
Additionally, more than 20 cryptocurrency-related businesses have been shut down. Afghanistan is hardly the first nation to forbid cryptocurrency, though. China put limits on the cryptocurrency industry last year. Crypto mining has also been outlawed in China along with cryptocurrency trading.
The Afghan administration under the Taliban is investigating a number of strategies to revive the country’s economy. After they took power, there was a rise in cryptocurrency use in Afghanistan.
Due to the departure of companies that facilitated international remittances from Afghanistan, getting remittances became challenging. The use of cryptocurrencies has increased as a result of this. In March, Al Jazeera reported that Herat has a WhatsApp group with more than 13,000 members for trading cryptocurrencies in Afghanistan.
In order for Afghanistan to get help from Western nations, cryptocurrencies were essential. Some international groups employed cryptocurrency to deliver help. Over the previous year, Afghanistan’s economy has deteriorated. The economy has been significantly impacted by the lack of foreign help.
In Afghanistan, the closure of several businesses and international assistance organizations has also exacerbated unemployment and made it harder for residents to satisfy their basic requirements.