Afghans are clinging to cryptocurrencies as the Taliban takeovers

27th Aug,2021

Afghans are clinging to cryptocurrencies as the Taliban takeovers


Due to the Taliban's takeover, certain Afghan residents who had invested in Bitcoin assets will be safeguarded from the country's continuing economic catastrophe. During the economic turmoil brought on by the Taliban's violent takeover, some Afghans are relying on their bitcoin holdings. Crypto assets won't help individuals 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 idea, but the country has witnessed increasing acceptance of digital currency in 2021. In the Chainalysis 2021 Global Crypto Adoption Index, the country was placed 20th out of 154 countries, a significant increase 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 transaction volume, according to the study. According to the statistics, more Afghans began investing in cryptocurrencies this year, owing to fears of an economic downturn as the Taliban launched their campaign to retake control of the nation. Web searches for the terms "bitcoin" and "crypto" in Afghanistan surged in July, just weeks before the Taliban took control of Kabul, according to Google Trends data. However, because the tool simply estimates the measure of interest and does not store real data, there is no way to identify the precise number of searches. While use of digital coins has risen in the country, there is no means of knowing how many people out of the whole population have invested in cryptocurrencies.