Due to the Taliban’s takeover, certain Afghan people who had invested in Bitcoin assets will be safeguarded from the country’s ongoing economic turmoil.
During the economic turmoil brought on by the Taliban’s violent takeover, some Afghans are relying on their cryptocurrency holdings. Crypto assets won’t help citizens buy anything right away, but they will ensure that their money is safe in the face of economic uncertainty.
In Afghanistan, investing in cryptocurrencies is a relatively new notion, but the country has experienced fast acceptance of digital currency in 2021.
In the Chainalysis 2021 Global Crypto Adoption Index, the country was rated 20th out of 154 countries, a significant improvement over 2020, when it did not even make the list. Afghanistan rises to seventh rank after separating the country’s peer-to-peer (P2P) exchange trading volume, according to the research.
CITIZENS WITH CRYPTO RESERVES
According to CNBC, a 22-year-old Afghan with crypto holdings has been keeping a careful eye on his portfolio on Binance, the world’s largest cryptocurrency exchange.
Farhan Hotak is one of the few Afghans who will be spared the currency devaluation brought on by the Taliban’s takeover. Others, like as Hotak, who have invested in cryptos, will be shielded from the quick devaluation of the currency.
It should be remembered that once the Taliban took control of Afghanistan, the afghani, the country’s currency, fell.
The vlogger’s news spreaded like a bushfire and people started posting the story on twitter with great positivity for both Afghanistan and crypto lovers.
Investing in Bitcoin and other cryptocurrencies is extremely limited in Afghanistan, according to Hotak.
Another story of a youngster in his twenties named as Muhammad Ali dreamt of having a cryptocurrency business before taliban abandons their motherland.
One of the twitter user recommended banks to transfer their immobile funds into cryptos for a better security.
Afghanistan has seen an increase in cryptocurrency acceptance, but it is still far behind the levels seen in other countries where digital assets have gained appeal.
Some of the fundamental challenges that have prevented Afghanistan from adopting crypto on a broad scale include electricity issues, poor internet, limited banking, and a lack of understanding.
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