Growing Use Of Bitcoin In Afghanistan

A Wall Street Journal report has claimed how bitcoin adoption in Afghanistan has catapulted since Kabul fell for the Taliban as citizens seek ways to put their hands on hard money in the midst of a political crisis and monetary sanctions from the U.S. and the International Monetary Fund (IMF). The report also commented on how such a move could “pose security concerns” if the Taliban itself were able to circumvent U.S. restrictions with bitcoin, an unfounded FUD aimed at Bitcoin itself and the risk it presents for the control of global power.

The Taliban, however, has access to only a small percentage of Afghan reserves, and bitcoin can do more to the Afghan people than to those in control of the interim government. What WSJ misses is the broad empowerment Bitcoin can bring to anyone facing arbitrary totalitarianism, restrictions, and sanctions, as well as the lack of standardized treatment U.S. foreign policy employs on countries and economies that do not respect human rights.

Since the Taliban took control of Kabul, the capital of Afghanistan, sanctions from governments worldwide have prevented regular people from getting a hold of their savings. Hundreds of Afghans hit a brick wall when rushing to banks to withdraw money as Taliban fighters took over their capital. Intense restrictions and escarce liquidity from abroad have made life harder for Kabul residents, many of whom were unable to flee the city with any of their savings.

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