Afghanistan Adopt Bitcoin During Taliban Takeover

Afghans have been resorting to bitcoin for storing and exchanging value since the Taliban took over control of most of the country. On August 15, hundreds of residents of Kabul, the country’s capital, rushed to banks to withdraw money as Taliban fighters took over the city demanding the government’s surrender – but only to hit a brick wall. Cash shortages, intense restrictions, and an ever-devaluing local currency have pushed Afghans to seek alternatives and find bitcoin.

“A nation-wide cash shortage, closed borders, a local currency touching record lows, and rapidly rising prices of basic goods; that’s why some Afghans I spoke to are turning to cryptocurrencies like bitcoin,” said MacKenzie Sigalos from CNBC.

Cryptocurrencies have been the most sought-after solution, given their digital nature, for those who seek some monetary sovereignty to flee the country, according to CNBC and data from Chainalysis. Some Afghans have chosen to adopt bitcoin to safeguard their money, build and preserve wealth, and achieve high sovereignty to flee the country with their savings. Others have been gambling on cryptocurrencies, desperately seeking to increase their income during Afghanistan’s current crisis.

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