Cryptocurrencies

The ongoing Taliban invasion in Afghanistan has created a disastrous effect on Afghans, many having migrated, died, and fighting for minimal survival. The issue is not just political. It has a great financial impact that can be found in the grave financial crisis that has already confronted Afghanistan. After having been under the American tutelage for two decades, the established financial system of the country has completely broken down with banks being closed for days. Many rich Afghans, including the formal President, have left Afghanistan with an undisclosed amount of money. Those who are running the financial administration, even a month back, have decided not to disclose where the substantial amounts of funds have been put. The complete dismantling of the financial administration in Afghanistan affects all. Its currency has witnessed a massive fall during the last week. Many of the developed countries and transnational organizations have decided to withdraw financial relations and commitments with Afghanistan. Finding no other viable way to run the economy, Afghanistan has started looking up to cryptocurrencies for survival. The Afghanistan cryptocurrency market is the only path to achieve a financial rescue mission in this crisis. Afghans have started depending on Bitcoin in Afghanistan for protecting their savings from the Taliban.

The Afghanistan cryptocurrency market is on the financial rescue mission for Afghans who had invested in popular cryptocurrencies. These investors who have money as Bitcoin in Afghanistan can protect themselves from the current financial crisis for some time. There is a sharp depreciation in Afghani amid the hostile situation. Though cryptocurrencies cannot help Afghans in purchasing necessities for the current scenario but, Bitcoin in Afghanistan can protect the existing wealth and assets from the hands of the Taliban.

The emergence of cryptocurrencies in Afghanistan happened in the recent few years. This financial crisis has created a boon for the Afghanistan cryptocurrency market. According to the Chain analysis 2021 Global Crypto Adoption Index, Afghanistan ranked 20th out of 154 countries--- post-Taliban hostility, it has reached the 7th rank in the last few weeks.

Youths in Afghanistan have started taking high interest in the cryptocurrency market just weeks before the takeover, after predicting the future economic crisis. They have opened crypto holdings and create portfolios on the world’s largest cryptocurrency exchange platform known as Binance. Some Afghans incurred a huge loss while investing in the Turkish digital currency, Iira. Then they gained some knowledge of Bitcoin in Afghanistan to invest the whole net worth for utmost security. This is because Afghanistan does not have facilities for financial payments through PayPal or Venmo.

An Afghan migrant from Khost has claimed that since there is no internet connection in Afghanistan now, he has decided to shift to Europe to continue his mission to build a cryptocurrency business--- Ethereum or Bitcoin mining business in Afghanistan. Afghans are taking shelter in the Cryptocurrencies market on P2P platforms to store their savings efficiently due to its decentralized nature. Blockchain technology does not allow any intervention of third-party and all the transactions are stored with utmost security.