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After the Taliban government imposed a ban on all activities involving digital assets, police agents raided and closed down about 16 crypto exchange institutes in Herat. Due to the change in the Afghan government, which resulted in economic instability in the nation, many of the citizens resulted to changing their traditional currencies to cryptocurrencies as a way of preserving their wealth in a sinking economy. The government’s stand on crypto is that it should be limited because many scammers are involved in crypto transactions. This action of the government was supported by the union of money exchangers in Herat. The union also said that criminals use the platform to scam unsuspecting individuals. They said that most Afghan citizens are not well educated about finances. And this makes them easy prey for scammers.
Also, a residential member of Herat, in support of this, spoke on the matter saying Crypto is a new development in Afghanistan. It is not widely understood by the citizens and it needs to be regulated by the government. Another member of the community also said that the crypto exchange institutes are owned and run by criminals.
An Effect of the Taliban’s Takeover of Government
After the takeover of government by the Taliban last year August, the nation sunk into economic instability. One way the citizens sought to preserve their wealth is to convert them to cryptocurrency. This is quite unexpected for a country in this part of Asia. Usually, during crises people in this area secure their wealth in jewellery and precious materials, but in their case, they adopted cryptocurrency as a means of protecting their money. So, one of the effects of the change of government in Afghanistan apart from the economic problem is the adoption of cryptocurrency by the citizens.
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