Afghanistan: Taliban crackdown on crypto sees 16 cryptocurrency exchanges shut down
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Answer Afghanistan: Taliban crackdown on crypto sees 16 cryptocurrency exchanges shut down
Syed Shah Saadat, Head of the Crime Prevention Unit at the Afghan Herat Police, said: to source:
Bank “Da Afghanistan” (Central Bank) stated in a recent letter:
Cryptocurrency trading has caused a lot of problems and deceived people, so it should be closed.
We have acted and arrested all the money changers involved in the business and closed their stores.
Taliban shut down cryptocurrency exchanges:
The report from the aforementioned source confirmed that security forces had also shut down at least 16 cryptocurrency exchanges in the western Afghan province of Herat in the past week.
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Mauli Ali Zada, a resident of Herat, told the newspaper that if the government did not monitor and stop crypto activities, the assets would leave Afghanistan.
He said that people lose money as a result of random participation and daily price fluctuations.
He told Saadat that in Herat, Afghanistan’s third largest city and a hub for cryptocurrency trading, more than 20 crypto-related companies have been shut down.
In addition, he said, 13 people were arrested, most of whom were later released on bail.
Saadat explained:
The Central Bank has issued an order banning all banking, individuals and businessmen from trading fraudulent digital currencies such as what is commonly referred to as Bitcoin.
Crypto Ban in Afghanistan:
The new system basically resembles Afghanistan with China, which banned all crypto activities last year.
However, this move now also removes the advantages that cryptocurrencies have offered to Afghan citizens after sanctions were imposed on them by the United States of America, and the country’s economic decline since the Taliban takeover.
Read:Shiba Inu NFT down 70% from all-time high
Notably, Afghanistan has made it into the top 20 countries in the 2021 Global Crypto Adoption Index according to Chainalysis.
It seems that things have taken another turn and that there is a shift in the adoption of cryptocurrencies in Afghanistan.
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